Sorrento Therapeutics (SRNE +14.6%) is up in early trade on the heels of its announcement of positive preclinical data on STI-4398 (COVIDTRAP).
STI-4398, an ACE2 (angiotensin-converting enzyme
2)-Fc fusion protein, binds to the SARS-CoV-2 spike protein. Results
from an in vitro assay showed that it “completely inhibited” the ability
of the coronavirus to infect VERO/E6 cells (cell culture) at a low
concentration.
The company intends to advance the candidate as both a treatment and preventative therapy for COVID-19.
Last month, it announced that
another COVID-19 candidate, STI-1499, a neutralizing antibody,
completely inhibited SARS-CoV-2 infection in an in vitro experiment at
low concentration.
Shares spiked in response to the company calling it a “cure” but retraced. Including today’s action, the stock is more than 55% below the intraday high of $10.00 on May 18.
https://seekingalpha.com/news/3580801-sorrento-up-15-on-encouraging-covidtrap-data
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