Sorrento pays down $20 million as part of loan agreement amendment

By Wendy Van Sickle

Columbus, Ohio, March 24 – Sorrento Therapeutics, Inc. amended its $75 million loan and security agreement with Hercules Capital, Inc. on Thursday to call for a pay down of the outstanding principal, among other things, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, Sorrento repaid $20 million and accrued interest to Hercules.

Additionally, the amendment reduced the amount of unrestricted cash the company must maintain and changed the date by which Sorrento must achieve a fundraising milestone.

The first $50 million was funded when Sorrento originally entered the agreement in November. The remaining $25 million is available until June 30, 2018, subject to approval by Hercules’ investment committee.

The biopharmaceutical company is based in San Diego.

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