SRNE - Bankruptcy Court Financing Approval Causes Buying Pressure

A California-based %Biotech company is turning heads Wednesday morning after it was announced that the U.S. Bankruptcy Court granted an interim approval of the company’s $75 million debtor-in-possession financing.

While bankruptcy court can get a little messy, traders seem to be optimistic about this news as shares of %SorrentoTherapeutics () are currently bid up at $0.4357/share (+13.05% implied open for sellers) at the time of writing. This should be an exciting session for this small cap.

Sorrento Therapeutics Inc is a biotechnology company focused on the development of novel immunotherapies for oncology and autoimmune/inflammation diseases. The antibody technologies target various locations: extracellular, intracellular, and membrane-bound antigens. The product portfolio consists of BioSimilar/BioBetter antibodies, CAR-T programs for the treatment of solid tumors, adoptive cellular therapies, immuno-oncology mAbs, and antibody-drug conjugates.