Sorrento's In Vitro Study Finds Antibody That Blocks Covid-19 100%

The stock in the Californian biotech has more than doubled on a possible cure for the deadly coronavirus.

Author: Jennifer Chan   

Shares in Sorrento Therapeutics (Nasdaq: SRNE) skyrocketed 170% on Friday afternoon on news that it may soon procure a cure for the deadly coronavirus.

The California-based biotech enjoyed some heavy trading today after it announced a possible breakthrough in the treatment of Covid-19. The company has revealed that a preclinical study of an antibody, STI-1499, demonstrated "100% inhibition of SARS-CoV-2 virus infection of healthy cells after four days incubation."

The STI-1499 study was not conducted on an actual person but in vitro. Sorrento said it intends to mix a "cocktail" of antibodies in what the company called a "COVID-SHIELD" that would fight the virus even when mutated.

The company is planning to get fast-track review from regulators to make a potential treatment "as soon as possible" and expects to produce up to 200,000 doses per month at its San Diego facility, according to the report. Sorrento also hopes to produce 1 million doses at risk while seeking FDA approval for its antibody product candidate, it said.

Dr. Henry Ji, the chairman and CEO of Sorrento, said in the statement, "We at Sorrento are working day and night to complete the steps necessary to get this product candidate approved and available to the waiting public."

By late afternoon, SRNE stock soared above $7 a share compared to yesterday's close of $2.62.