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Sorrento Signs $43 Million Term Sheet to Use Dyadic Platform and Develop COVID-19 Vaccine
Sorrento Therapeutics (NSDQ: SRNE), a San Diego-Suzhou biopharma, signed a binding term sheet to license and develop vaccines, therapeutics and diagnostics using a proprietary C1-cell protein production platform developed by Florida's Dyadic International. The agreement includes rights to Dyadic's lead COVID-19 vaccine, which is already in pre-clinical testing being conducted by
Dyadic expects its proprietary C1-cell protein production platform will accelerate development and lower production costs of biologic vaccines and drugs. The C1 program is a biopharmaceutical gene expression platform based on the fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila), named C1.
Dyadic's lead COVID-19 vaccine candidate, DYAI-100, was produced by its proprietary C1-cell protein production platform.
If it meets timelines,
Sorrento’s Chairman and CEO, Dr. Henry Ji, said, “We look forward to continuing our collaboration with Dyadic, which began last year, initially with a goal of developing and commercializing a protein-based COVID-19 vaccine. “Over the past six months we have carried out several promising preclinical animal trials using the C1 produced RBD antigen in Dyadic’s lead COVID-19 vaccine candidate, DYAI-100. Our goal is to manufacture a COVID-19 vaccine that will provide protection across the variants of concern, including Delta, and in addition, apply the C1 protein production platform broadly across our current and future coronavirus programs.”
Mark Emalfarb, Dyadic’s President and CEO added, “We are delighted to have executed a binding term-sheet with Sorrento Therapeutics to license the C1 technology for the development and commercialization of coronavirus vaccines, therapeutics, and diagnostics, including COVID-19. This marks a significant milestone in our corporate development efforts as we expect the license agreement we will enter into to enable us to monetize our internal COVID-19 development efforts with a partner that has the resources and expertise to advance vaccines, therapeutics, and diagnostics both clinically and commercially.”
In pain, the company is developing a first-in-class non-opioid TRPV1 small molecule agonist for pain management, resiniferatoxin (RTX), and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA™), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, and to commercialize ZTlido® (lidocaine topical system) 1.8% to treat post-herpetic neuralgia. RTX has completed a Phase IB trial for intractable pain associated with cancer and a Phase IB trial in osteoarthritis patients. SEMDEXA is in a pivotal Phase III trial for the treatment of lumbosacral radicular pain, or sciatica. ZTlido® was approved by the FDA in 2018.
See our other articles on Sorrento.