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Sorrento Therapeutics granted funds for molecule inhibitor development

Sorrento Therapeutics Inc. (Nasdaq: SRNE), a late-stage clinical oncology company developing treatments for cancer, has received non-dilutive funding for the preclinical development of a small molecule inhibitor targeting the oncogenic transcription factor Myc.

The Myc protein has been recognized as an important determinant of cancer metabolism and protein synthesis. It's involved as a dominant factor in most human cancers and is rarely mutated, but rather shows a "gain of function" from overexpression or gene amplification, Sorrento said in a release. Abnormal Myc activity is believed to play a substantial role in at least one out of every seven cancer deaths and is often a key factor in breast, lung, colon, hematologic and other cancers.

Sorrento was awarded a Phase 1 Small Business Technology Transfer Research grant from the National Cancer Institute, a division of the National Institutes of Health. The grant will support the preclinical development of the Myc inhibitor, which interferes with the protein-protein interaction between Myc and its obligatory dimerization partner, known as Max. The inhibition prevents the sequence-specific binding to DNA and subsequent initiation of oncogenic transformation.

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Sorrento Therapeutics Inc.

Company Website

6042 Cornerstone Ct. West Ste., B
San Diego, CA 92121

Company Trade Data

Stock Symbol Close
Change
Chg %Chg
Volume
52-Week
High Low
SRNE
8.98
  0.38  
+ 4.42%
427,415,000
26.8
3.41

Sorrento Therapeutics Inc. Executive(s):

Henry Ji

  • Chief Executive Officer

Richard Vincent

  • Chief Financial Officer

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NAICS - 541712 - Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology)
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