Sorrento Therapeutics, Inc. Appoints Ian Walters As Senior Vice President Of Translational Medicine And Corporate Development

SAN DIEGO, April 7, 2014 /PRNewswire/ -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE; Sorrento) a late-stage clinical oncology company developing new treatments for cancer and its associated pain, today announced the addition of Ian B. Walters, M.D., MBA., a translational oncology and immunology expert. Dr. Walters was most recently an executive at Bristol Myers Squibb (BMS) where he led oncology drug development programs, large international matrix teams, and strategic transactions. He has more than 15 years of entrepreneurial drug development and business experience in both small biotechnology and big pharmaceutical companies.

"Ian will help drive the advancement of our pipeline, work with our senior management team on strategic transactions, and help to prioritize and advance our assets to the clinic," said Henry Ji, Ph.D., President and Chief Executive Officer of Sorrento.

Dr. Walters commented, "I am very excited to join the experienced team at Sorrento to help support its continued evolution and growth. Dr. Ji has compiled a unique business with an ongoing registration program which can fuel the growth of the antibody and ADC's platforms, and support the further expansion of Sorrento's clinical pipeline."

Dr. Walters received his medical degree from the Albert Einstein College of Medicine. After practicing medicine for several years, he was appointed to the faculty of the Rockefeller University to do translational research in immunology. Dr. Walters first transitioned to biotech at Protein Design Labs (PDL), where he led translational work and the clinical development of multiple antibodies. While at PDL, he completed his MBA at the Wharton School of the University of Pennsylvania. From PDL he transitioned to the commercial group at Millennium Pharmaceuticals, where he co-authored two sNDAs for VELCADE^® (Bortezomib) and launched these indications, and oversaw the medical affairs, health outcomes and pharmacoeconomics groups. Over the past seven years at BMS, he managed physicians and helped oversee the development of numerous oncology compounds, including Brivanib (anti-VEGF/FGF), YERVOY^® (Ipilimumab; anti-CTLA-4), SPRYCEL^® (dasatinib, BCR-ABL), Nivolimab (anti-PD-1), anti-IGF-1R, VEGFR2 biologic, and Elotuzumab (anti-CS1), as well as biomarker and companion diagnostic work. Most recently at BMS, he had been working with the Strategic Transactions Group to evaluate and execute licensing agreements, mergers and acquisitions, clinical collaborations, and BMS's immuno-oncology strategy.

About Sorrento Therapeutics, Inc.

Sorrento is an oncology company developing new treatments for cancer and its associated pain. Sorrento's most advanced asset Cynviloq, the next-generation paclitaxel, has commenced its registration trial and will be developed under the abbreviated 505(b)(2) regulatory pathway. Sorrento is also developing RTX, a non-opiate TRPV1 agonist currently in a Phase 1/2 study at the National Institutes of Health to treat terminal cancer patients suffering from intractable pain. The Company has made significant advances in developing human monoclonal antibodies, complemented by a comprehensive and fully integrated ADC platform that includes proprietary conjugation chemistries, linkers, and toxic payloads. Sorrento's strategy is to enable a multi-pronged approach to combating cancer with small molecules, therapeutic antibodies, and ADCs.

More information is available at www.sorrentotherapeutics.com.

Forward-Looking Statements

This press release contains forward-looking statements under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements about the potential for the successful advancement of our clinical-stage products; the retention of key personnel; and other matters that are described in Sorrento's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission, including the risk factors set forth in such filing. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as required by law.

SOURCE Sorrento Therapeutics, Inc.