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Sorrento Therapeutics gets interim access to $5 million DIP facility
By Sarah Lizee
Olympia, Wash., March 4 – Sorrento Therapeutics, Inc. received interim approval of a $5 million debtor-in-possession note facility with MJH Consulting LLC as lender, according to an interim order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.
The company can now access $3 million of the financing.
The facility would mature on March 31 and bear interest at 8% per annum, payable in kind.
There are no fees under the proposed DIP facility.
The company was previously seeking financing on the same terms from BioVintage, Inc., the proposed buyer of the company’s remaining assets, as lender.
A final hearing on the financing is scheduled for Friday.
The biopharmaceutical company is based in San Diego. The company filed bankruptcy on Feb. 13, 2023 under Chapter 11 case number 23-90085.
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