Sorrento Therapeutics gets final approval of $5 million DIP facility

By Sarah Lizee

Olympia, Wash., March 12 – Sorrento Therapeutics, Inc. received final approval of a $5 million debtor-in-possession note facility with MJH Consulting LLC as lender, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The facility matures on March 31, 2024 and bears interest at 8% per annum, payable in kind.

There are no fees under the 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.

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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