“Scilex and Sorrento to Merge, Creating a Leading Prescription Nonopioid Therapeutic Company”
At the meeting of Vickers shareholders to talk about the business merger, about 80% of the shareholders who were there voted in favor of the business merger.
Shares of Scliex common stock and warrants will begin trading on the Nasdaq Capital Market under the ticker symbols “SCLX” and “SCLXW” on November 11, 2022. These ticker symbols will be used to trade the securities.
Over ninety-six percent of Scilex is owned by Sorrento.
The business combination between Vickers Vantage Corp. and Vickers Inc. has been announced today in both New York (GLOBE NEWSWIRE) and Palo Alto (GLOBE NEWSWIRE).
The business combination between I, which is a special purpose acquisition company, and Scilex Holding Company (Nasdaq: SCLX and SCLXW), which is a majority-owned subsidiary of Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”), a company that generates revenue by acquiring, developing, and selling non-opioid pain management products for the treatment of acute and chronic pain, was successfully completed on December 1st (the “Business Combination”), which is The business combination and all other proposals made at the extraordinary general meeting held on November 9, 2022 (the “Meeting”) were approved by the shareholders of Vickers.
These proposals included a plan to move Vickers’ headquarters from the Cayman Islands to Delaware prior to the business combination.
It is likely that the merged company’s common stock and warrants will begin trading on the Nasdaq Capital Market under the ticker symbols “SCLX” and “SCLXW,” respectively, on November 11, 2022, when it will begin doing business as “Scilex Holding Company.”
Henry Ji Ph.D.: Sorrento’s Unique Model Creates Value
Henry Ji, Ph.D., is currently the Chairman and Chief Executive Officer of Sorrento, in addition to serving as the Executive Chairman of Scilex. He stated, “With Scilex on its way to becoming a publicly traded company, our unique model continues to show the many ways in which we are creating value at Sorrento.”
These include equity stakes in public and private companies, royalties, and milestone payments.
Since we are now a publicly traded company, we plan to do more to market our two FDA-approved non-opioid pain management products, get more public and private payers to pay for them, and move forward with our pipeline of innovative opioid-sparing products.
Jaisim Shah, president and chief executive officer of Scilex, said, “Our Scilex team and I are proud to continue our leadership in the development of prescription non-opioid therapeutics to treat both acute and chronic pain.”
Both VCKA and Scilex were represented by the law firm Loeb & Loeb, LLP, while Paul Hastings LLP was in charge of Scilex’s legal affairs.
A Quick Explanation Regarding the Scilex Holding Company
Scilex Holding Company, which is a wholly owned subsidiary of Sorrento Therapeutics, Inc., is a forward-thinking company that generates revenue by acquiring, developing, and selling non-opioid pain management products to treat both acute and chronic pain.
Scilex’s ultimate objective is to become the best provider of pain management services in the world by adhering to the highest standards of corporate citizenship, environmental stewardship, economic viability, and ethical behavior in the research, development, and manufacturing
The Scilex Holding Company has satellite offices in both Palo Alto and San Diego, which are both close to the company’s headquarters in Palo Alto.
A Concise Overview of the Company’s Background Sorrento Therapeutics, Inc.
They are in the clinical and commercial stages of drug development. Sorrento is a biopharmaceutical company that focuses on cancer, pain (not from opioids), autoimmune diseases, and COVID-19.
Sorrento’s extensive immuno-oncology platforms allow for a multimodal, multipronged approach to fighting cancer by using assets such as next-generation tyrosine kinase inhibitors (“TKIs”) and fully human antibodies (“G-MABTM library”).
Sorrento’s development of SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXATM), a novel, viscous gel formulation of a commonly used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and the marketing of ZTlido® (lidocaine topical system) 1.8% demonstrate how committed the company is to providing patients with the
I. Describe Vickers Vantage Corporation and the work that it does.
Before the business combination was finalized, Vickers Vantage Corp. was established as a “blank check” company in order to give it the flexibility to merge, exchange shares, buy assets or shares, reorganize, or engage in other activities of a similar nature with one or more businesses or entities.
Statements that pertain to a period of time in the distant future
This press release and any statements made for and during any presentation or meeting about the topics in this press release contain forward-looking statements about Vickers, Sorrento, and its subsidiaries, including, but not limited to, Scilex.
These statements are subject to risks and uncertainties that could cause actual results to be very different from what is stated in the forward-looking statements.
Section 21E of the Private Securities Litigation Reform Act of 1995 has a “safe harbor” clause that says this press release and any statements made before and during any presentation or
The combined company’s ability to obtain the benefits of the business combination, including future financial and operating results, as well as risks related to the outcome of any legal proceedings brought against the parties regarding the business combination, are all examples of potential risks and uncertainties that could cause Sorrento and Scilex’s actual results to differ materially and negatively from those expressed in this report.
Contacts:
Both the Sorrento brand name and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc. is the owner of the trademarks for G-MABTM, DAR-TTM, SeprehvecTM, SOFUSATM, COVISHIELDTM, COVIDROPSTM, COVI-MSCTM, COVIMARKTM, and FujoveeTM. Other trademarks owned by the company include COVIDROPSTM, COVIMARKTM, and COVIMARKTM.
The FDA has made the decision to investigate the names of things that are specific to them in light of the fact that Scilex Holding Company is the owner of Semnur Pharmaceuticals, Inc., which is the only company that possesses the trademark for SEMDEXATM (SP-102).
The ZTlido® trademark registration is held by Scilex Pharmaceuticals Inc., which is a subsidiary of Scilex Holding Company and which Scilex Holding Company owns 100% of. Scilex Holding Company also owns 100% of Scilex Pharmaceuticals Inc.
Scilex Holding Company has given you a license that lets you use the “Gloperba®” brand name. This license is exclusive and can be passed on to other people.
The rights to use any and all other trademarks are held by the respective trademark owners.
Sorrento Therapeutics, Inc. has placed a hold on any and all rights until 2022.
