Sorrento Therapeutics Subsidiary, Scilex, Raises $140 million in Non-Dilutive Royalty-Based Financing

Sorrento Therapeutics (NASDAQ:SRNE) that its majority-owned subsidiary, Scilex Pharmaceuticals, closed a debt financing with leading global institutional investors for aggregate gross proceeds to Scilex of $140 million.

As quoted in the press release:

“This non-dilutive financing provides Scilex with the capital resources to successfully execute on the launch of ZTlido,” said Henry Ji, Chairman, President and Chief Executive Officer of Sorrento and Scilex. “The structure of this financing also provides us with financial flexibility as we grow the ZTlido franchise to profitability and Scilex into one of the top global pain-focused pharmaceutical companies.”

ZTlido™ is indicated for the relief of pain associated with post-herpetic neuralgia (PHN), also referred to as post-shingles pain. ZTlido™ is a major advancement in analgesics because of its proprietary adhesion technology demonstrating 12-hour wear with efficient lidocaine delivery, even during exercise. In 2017, according to IMS data, over 110 million prescription lidocaine patches were sold in the U.S.

Click here to read the full press release.