Sorrento Therapeutics Inc (SRNE) Stock Suddenly Jumps On FDA Clearance with Phase 2 study for Sti-3031

SRNE stock is gaining a lot of momentum in the late morning as Sorrento Therapeutics Inc (NASDAQ:SRNE) receives FDA clearance to proceed with Phase 2 study for Sti-3031, an Anti-Pd-L1 antibody, for advanced urothelial carcinoma.

Sorrento Therapeutics Inc (SRNE) Stock Suddenly Jumps On FDA Clearance with Phase 2 study for Sti-3031

STI-3031 was discovered from Sorrento’s fully human G-MAB library.

Currently, six G-MAB antibodies are in Phase 1b through Phase 3 clinical trials in immuno-oncology and COVID-19 indications.

These clinical and pre-clinical G-MAB antibodies are expected to be the foundation for developing potent antibody-drug conjugates and antibody-drug nanoparticle albumin-bound product candidates.

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G-MAB antibodies have also been used for the generation and production of both CAR-T and DAR-T cells for treating hematological cancer and solid tumors.

SRNE stock is now trading at $8.81, up 5% after falling about 5% in the early session.

Back on April 20, the company announced that it successfully completed the enrolment that is meant for the Phase 1b study of the possibility of using infusions of human allogeneic adipose-derived mesenchymal stem cells for treating respiratory failure brought about by COVID 19.

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Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.