Sorrento Therapeutics, Inc. (NASDAQ: SRNE) disclosed that Scilex Holding has got a supplemental new drug application (sNDA) authorization from the FDA for ZTlido. Scilex is the 99% owned unit of Sorrento Therapeutics.
CMO of Scilex commented that the firm is excited to get the approval after the trial study and labeling revision that confirm the uniqueness of ZTlido. It has been proved that ZTlido is of more benefits than other contemporary systems. It will provide sufferers a more trustworthy and nonstop drug supply to relieve pain related to post-herpetic neuralgia.
Shares of Sorrento tumbled 2.97% at $7.51 during the trading session of Friday. The firm has recorded a trading volume of 12.24 million as compared to the average volume of 16.82 million. Looking at its profitability, it has a return on assets, equity, and investment of -54.10%, -196.10%, and -104.90%, respectively. SRNE has a total market capitalization of $2.17 billion at the time of writing.
ZTlido is the only lidocaine contemporary system that has been investigated underwater pressure conditions. It now has an FDA stamp indicating its application while bathing, swimming, and washing. Furthermore, it provides polymer-based ZTlido a competitive edge as other techniques, particularly water-based or hydrogel-based inventions, could not be used when it is wet and need to be separated before the water experience.