Sorrento Gets UK Authorization To Conduct Phase 2 Trial For COVI-DROPS; Shares Up

(RTTNews) - Sorrento Therapeutics Inc.(SRNE) announced that the United Kingdom's regulatory agency has cleared Sorrento's COVI-DROPS product candidate for a Phase 2 efficacy trial.

The shares of Sorrento Therapeutics rose 5.07% after hours to $9.32 after the Medicines and Healthcare products Regulatory Agency (MHRA) cleared a Phase 2 study for COVID-19 nasal drops in newly diagnosed Covid-19 patients.

The Phase 2 efficacy trial of COVI-DROPS is a large double-blind clinical trial enrolling 350 outpatients with COVID-19 who are either asymptomatic or have mild symptoms compared with a placebo.

The company noted that this trial will complement trials in the U.S. and a separate trial in Mexico.

The COVI-DROPS is administered by intranasal drops and the antibody is active against the original SARS-CoV-2 virus, as well as the UK/Alpha and India/Delta variants, currently prevalent in the UK and US.

The results of this Phase 2 trial in the UK will be combined with the results of the US and Mexico Phase 2 trials and should the results of these studies demonstrate that COVI-DROPS is both safe and effective against SARS-CoV-2, Sorrento will apply for Emergency Use Authorization in the US, India, UK, Mexico and European Union as well as other territories.