Sorrento Therapeutics files for Chapter 11 bankruptcy protection in the Southern District of Texas, according to a regulatory filing. "To protect the Company’s business and maximize its value, on February 13, 2023, the Company and its wholly-owned direct subsidiary, Scintilla Pharmaceuticals, Inc., commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The Debtors have requested that the Chapter 11 proceedings be jointly administered under the caption In re Sorrento Therapeutics, Inc., et al. The Debtors continue to operate their business in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Debtors intend to seek approval of a variety of "first day" motions containing customary relief intended to assure the Debtors’ ability to continue their ordinary course operations during the Chapter 11 Cases."
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