Sorrento Therapeutics prices underwritten public offering of 4,765,000 shares of common stock

Sorrento Therapeutics, Inc. (NASDAQ: SRNE) ("Sorrento" or the "Company"), a late-stage clinical oncology company developing new treatments for cancer and its associated pain, today announced the pricing of an underwritten public offering of 4,765,000 shares of common stock at a public offering price of $5.25 per share.  The gross proceeds to Sorrento from this offering are expected to be approximately $25,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. Sorrento has granted the underwriters a 45-day option to purchase up to an aggregate of 714,750 additional shares of its common stock to cover over-allotments, if any.  The offering is expected to close on or about May 20, 2014, subject to customary closing conditions.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

A registration statement relating to the shares described above was previously filed with and has become effective by rule of the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC's website located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares in any state or other jurisdiction which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state or other jurisdiction.

SOURCE Sorrento Therapeutics, Inc.