Sorrento Therapeutics (NASDAQ:SRNE) stock is getting a boost on Wednesday after the U.S. Food and Drug Administration (FDA) granted the company a fast-track designation for SP-103.
SP-103 is Sorrento Therapeutics’ “non-opioid triple-strength, non-aqueous lidocaine topical system for the treatment of acute LBP.” If it gets approved, it would be the first of its kind with the FDA’s backing to treat acute low back pain (LBP).
Getting fast-track designation is a major win for SRNE stock as the company opens SP-103 up to several benefits. That includes more frequent meetings with the FDA, “eligibility for Accelerated Approval or Priority Review” and “Rolling Review” for its New Drug Application (NDA).
Jaisim Shah, President and CEO of Sorrento Therapeutics’ Scilex, said the following:
“There are currently very limited approved treatment options for acute low back pain, a serious condition the prevalence of which continues to rise, leaving this affected group with very limited safe and effective treatment options to date. Receiving this designation underscores the potential of the ZTlido® platform and the need for a new therapy like SP-103 that may improve outcomes for those with this serious debilitating condition.”
Investors will also note that Scilex is planning to go public in 2022. It signed a merger agreement with special purpose acquisition company (SPAC) Vickers Vantage Corp I (NASDAQ:VCKA). That deal will close in the third or fourth quarter of this year.
SRNE stock is up 4% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.