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Friday, October 30, 2020

Sorrento Therapeutics (NASDAQ:SRNE) Continues to gain Momentum On Positive News

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Many biopharmaceutical companies have seen their stocks surge in recent months for a variety of reasons and one such stock is Sorrento Therapeutics Inc (NASDAQ:SRNE). SRNE surged again on Monday by as much as 20% and it could be worthwhile for investors to take a closer look at the recent developments.

Clinical Trial Of  Abivertinib

On Monday, the company announced that the concerned regulators have given the green light for the clinical trial of its product Abivertinib. The product in question is a tyrosine kinase inhibitor. It goes without saying that it is a massive development for the company and the reaction in the market was understandable.

It was back in May this year that Sorrento struck an agreement with ACEA Therapeutics for licensing Abivertinib. Yesterday, the United States Food and Drug Administration gave Sorrento the much-needed clearance to start a Phase 2 trial of the product on COVID 19 patients. The patients in question are going to have moderate to extreme lung-related symptoms.

The Phase 2 trial will evaluate the effectiveness of the medicine on those suffering from moderate to extreme COVID 19 related lung problems. Investors need to note that Abivertinib is expected to be found to be safe and that could be another positive to be kept in mind.

The product is known for shutting off two different signals to the cells that can cause inflammation and the unchecked variety of these inflammations are called cytokine storms. Cytokine storms are particularly dangerous for COVID 19 patients considering the fact that their lungs are filled with both deal cells and fluids.

The senior vice president of regulatory affairs at Sorrento, Mark Brunswick, stated that he hopes that Abivertinib will help patients in getting back to their ‘normal lives’. Considering the current situation caused by the coronavirus pandemic, the new product for Sorrento is another ray of hope for people and investors could do well to keep an eye on the developments. Sign up below for critical alerts on SRNE and other breakout stocks.

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