Sorrento receives court approval for ‘First Day’ wages, cash management motions

Sorrento Therapeutics announced that the U.S. Bankruptcy Court for the Southern District of Texas granted approval of Sorrento’s employee wages motion and interim approval of its cash management motion, in connection with Sorrento’s chapter 11 petition, which was filed on February 13, 2023. Sorrento expects to seek approval of other customary "first day" motions in the coming days. Dr. Henry Ji, Ph.D., Chairman and Chief Executive Officer of Sorrento, commented: "We are pleased to have received approvals from the Court for these two motions, which will ensure Sorrento has the ability to continue normal business operations, including the payment of employee wages and benefits, as we move forward-continuing our important work of developing new and innovative therapies for patients struggling with cancer, intractable pain, infectious disease, and more."