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Sorrento Announces Positive Preliminary Phase 1b Results On ICU COVID-19 Patients Treatment;stock Up

Sorrento Therapeutics Inc.?(SRNE) announced positive preliminary results from its Phase 1b study of human allogeneic adipose-derived mesenchymal stem cells or COVI-MSC for patients suffering from COVID-19-induced acute respiratory distress or ARD/acute respiratory distress syndrome or ARDS. Following the news, Sorrento shares surged more than 9.21 percent in extended session on the NasdaqGS.

The ongoing study, dubbed as PSC-CP-004, is a single arm, non-randomized Phase 1b study of the safety and preliminary efficacy of COVI-MSCs administered every other day for three infusions for a total of 1 x 106 cells/kg.

The primary objective is to evaluate the safety of intravenous infusion of allogeneic adipose MSC cells in patients with COVID-19-induced ARD or ARDS. The secondary objective is to evaluate efficacy outcome variables to give guidance regarding the risk/benefit ratio in patients with COVID-19 respiratory distress.

According to the company, the first three patients enrolled tolerated treatment well and improved rapidly. Each of the three patients was discharged from the hospital within a week of starting the patient's COVI-MSC infusions and two patients were discharged on the day of their last infusion.

One of the patients had been in the hospital for three weeks, unable to be weaned from significant oxygen support, and another patient with uncontrolled diabetes had been discharged previously but had to be readmitted due to recurrent ARD.

Each of the infusions were well-tolerated and no patient reported any infusion-related adverse events. A fourth patient is currently at the beginning of a course of treatment, with no safety issues following the patient's first infusion. Additional enrollment continues.

Eyad Almasri, Associate Professor of Medicine, Pulmonary, Critical Care and Sleep Medicine at UCSF Fresno, principal investigator in this ongoing study said, "... I am looking forward to working with Sorrento in continuing to offer COVI-MSC treatments to patients in this study and in the proposed controlled phase 2 study."

SRNE closed Tuesday's regular trading at $10.42 up $1.14 or 12.28 percent. In the after-hours trade, the stock further gained $0.96 or 9.21 percent.

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