Sorrento Therapeutics gains on FDA's 'fast track' tag for back pain therapy

Sorrento Therapeutics

31/08/2022 11:59

** Biotech company Sorrento Therapeutics Inc's shares
 SRNE.O  up 8.7% premarket at $2.11
    ** SRNE's unit Scilex Holding Co receives U.S. FDA's fast
track designation for its experimental lower back pain treatment
 urn:newsml:reuters.com:*:nGNX3NtPdF
    ** Tag makes co eligible for benefits including a priority
review and frequent communications with the FDA
    ** The therapy, SP-103, is a drug and device product similar
to co's FDA-approved pain medication delivery product ZTlido
    ** Up to Tuesday's close, stock had fallen ~58% compared
with a ~24% decline in the Nasdaq composite index  .IXIC 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))