Sorrento Therapeutics Reports Promising Phase 1b Results of COVI-MSC in COVID ICU Patients
On January 26, Sorrento Therapeutics, Inc. (SRNE) announced preliminary results from a Phase 1b study of COVID-MSC for patients suffering from COVID-19-induced acute respiratory distress (ARD) or acute respiratory distress syndrome (ARDS). COVI-MSC is an infusion treatment of human allogeneic adipose-derived mesenchymal stem cells. The three patients in the study experienced no infusion-related adverse effects and were discharged from the hospital within 8 days of the initial IV infusion.
Rocket Tickers detected the event and alerted subscribers at 7:09 pm. The next trade took place at 7:10 pm for $11.32. The stock price followed a familiar pattern of rising quickly in the first four hours of regular market trading before pulling back a little in the afternoon. Sorrento’s stock price then moved higher again before the market close at $15.23. That makes an event-day gain of 35% for Sorrento investors.
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