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Sorrento to raise $25M via registered direct offering of shares, warrants

Sorrento Therapeutics Inc. expects to raise about $25 million from certain institutional investors via a registered direct offering of common shares and accompanying warrants.

The San Diego-based biotechnology company will sell 10,869,566 common shares and an equal number of warrants in the offering. The combined price of one common stock and a related warrant is set at $2.30 apiece.

Each warrant can be exercised for $2.40 within seven years from the date of issue, to purchase one common stock of the company.

Sorrento, which discovers and develops cancer treatments, plans to use the proceeds to advance its RTX, and CD38 CAR-T programs along with general research and development, working capital and general corporate purposes.

Sorrento expects to close the offering on Oct. 9, subject to closing conditions.

H.C. Wainwright & Co. is the exclusive placement agent for the offering.