SRNE - Sorrento jumps 9% after securing CLIA Licensure from California

Sorrento Therapeutics (SRNE) perks 9% premarket after receiving CLIA Licensure from the State of California that permits testing of clinical samples.The Company intends to initially focus on testing for SARS-CoV-2 infection but expects to expand to include immuno-oncology tests. Sorrento initially intends to offer three independent tests for SARS-CoV-2 infection:A standard RT-PCR Emergency Use Authorization ((EUA))-approved test using nasal pharyngeal swab with results expected within three hours of sample testing.Laboratory developed rapid lateral flow antigen test (COVI-STIX) using shallow nasal swab. The COVI-STIX test is expected to provide a qualitative result within 20 minutes.Laboratory developed High-Performance Loop-mediated isothermal amplification test (COVI-TRACE) in shallow nasal swab specimens, which is expected to provide result within 30 minutes. In parallel, Sorrento continues to generate the data required for EUA applications for the COVI-STIX and COVI-TRACE tests and anticipates submitting the applications shortly.

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Sorrento jumps 9% after securing CLIA Licensure from California