February 27, 2018 / 11:30 AM / 4 months ago

BRIEF-Sorrento Therapeutics- Audit Committee Concluded Co's Financial Statements For 3 & 9 Months Ended Sept 30, 2017 Should Not Be Relied Upon​

Feb 27 (Reuters) - Sorrento Therapeutics Inc:

* SORRENTO THERAPEUTICS - ‍ON FEB 26, AUDIT COMMITTEE CONCLUDED CO’S FINANCIAL STATEMENTS FOR 3 & 9 MONTHS ENDED SEPT 30, 2017 SHOULD NOT BE RELIED UPON​

* SORRENTO- ‍AN OTHER-THAN-TEMPORARY IMPAIRMENT IN VALUE OCCURRED IN EQUITY METHOD INVESTMENT IN IMMUNOTHERAPY NANTIBODY FOR 3 & 9 MONTHS ENDED SEPT 30

* SORRENTO THERAPEUTICS -NANTIBODY NOTIFIED CO THAT IN JULY IT ACQUIRED ASSETS FROM PARTY RELATED TO ITS 60% OWNER, FOR ABOUT $90 MILLION CASH -SEC FILING​

* SORRENTO THERAPEUTICS - ‍REASSESSED RECOVERABILITY OF CO’S EQUITY METHOD INVESTMENT IN NANTIBODY AFTER NANTIBODY NOTIFIED CO OF JULY ACQUISITION​

* SORRENTO THERAPEUTICS INC - ‍IMPACT ON CO’S 40% EQUITY INTEREST IN NANTIBODY IS A $36 MILLION IMPAIRMENT ON EQUITY METHOD INVESTMENT IN STATEMENT OF OPERATIONS

* SORRENTO THERAPEUTICS INC - ‍ IMPAIRMENT EXPENSE RELATED TO NANTIBODY WILL NOT RESULT IN CASH EXPENDITURES IN PAST OR FUTURE PERIODS​ Source text: [bit.ly/2GMrJy2] Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below