Sorrento Therapeutics Gets $75M Term Loan

San Diego-based biopharmaceuticals developer Sorrento Therapeutics announced on Monday that it has secured a $75 million term loan facility. Terms of the loan were not announced. The funding came from Hercules Capital (HTGC). The publicly held company said the proceeds of the loan--available in three tranches--will go towards general corporate purposes. The first tranche, which was funded with the announcement, is worth $50M. Sorrento is developing treatments for cancer, inflammation and autoimmune diseases.