Shares of Sorrento Therapeutics (NASDAQ: SRNE) As of 11:07 am EDT on Tuesday, 10.5% were rising higher. Its experimental COVID-19 antibody therapy received good benefits for STI-1499 and STI-2020 late Monday evening after the company’s announcement.
Sorrento announced that both experimental antibody therapies showed solid neutralizing activity against SARS-CoV-2 virus in preclinical testing with Syrian Golden Hamsters. After treatment on the fifth day, a dose of 500 micrograms of STI-2020 reduced the viral load in the lungs, which was at undesirable levels in 100% of the hamsters tested. A 2,000 microgram dose of STI-1499 reduced viral load below the detectable level in the 60% hamsters test. It also achieved a tenfold reduction in preclinical studies to the other 40% of hamsters.
How good were these results? “STI-2020 is our most promising SARS-CoV-2 antibody so far,” Sorrento CEO Henry G. said in a statement. He added that experimental medicine “has the potential to be used for both early and late medical interventions, as well as prophylaxis.”
Today’s news gave a good boost to biotech stocks. But it is important to remember that these were only preclinical results. Sorrento has a long way to go before it can clearly demonstrate that STI-2020 or STI-1499 is safe and effective in treating patients with COIID-19.
The US Food and Drug Administration has already given Sorrento the green light to begin a Phase 1 study to evaluate STI-1499 in the treatment of hospitalized COVID-19 patients. But with promising preclinical data announced today, the success of STI-2010 is high. Sorrento said it plans to file for FDA approval to begin the Phase I study of STI-2020 as soon as possible.