SRNE - Sorrento Therapeutics forms Mexico subsidiary in COVID-19 product development push

Sorrento Therapeutics ([[SRNE]] +2.6%) announces the formation a subsidiary company based in Mexico City, Sorrento Therapeutics Mexico.The subsidiary is meant to support the clinical development and registration of multiple COVID-19 related products Sorrento plans to develop and commercialize in Mexico and other Latin America territories.Sorrento Mexico will have Henry Ji as chairman and Héctor Sulaimán as chief executive officer.The company's distributor has received written permission from COFEPRIS to import the first 25M test units of COVI-STIX (COVID-19 Virus Rapid Antigen Detection Test) into the country.Sorrento also said that it is ramping up manufacturing to fulfil subsequent orders.The company announced that it has received EUA approval and import license from Mexico authority for COVI-STIX, in June.

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Sorrento Therapeutics forms Mexico subsidiary in COVID-19 product development push