Sorrento Therapeutics Finds $150M In Private Placement

San Diego-based Sorrento Therapeutics, which is developing biopharmaceuticals aimed at cancer and other diseases, said this morning that it has closed on $140M in private placements. The company, which is publicly traded as SRNE on the NASDAQ, said the funding came from Ally Bridge Group, Beijing Shijilongxin Investment Co., Ltd., and FREJOY Investment Management Co. Sorrento said the companies purchased purchased 25,225,221 shares of common stock at $5.55 per share, and also received warrants to purchase another 5,055,642 shares of common stock.