Sorrento Therapeutics Inc. has submitted a draft registration statement on a confidential basis with the U.S. Securities and Exchange Commission for a possible initial public offering of shares of common stock of its wholly-owned subsidiary, Ark Animal Health Inc.
The number of shares to be offered and the price range for have not been determined.
Sorrento (Nasdaq: SRNE) announced the launch of Ark in April.
Ark Animal Health Inc. was working on pain medication for dogs that could be used in other species such as cats and horses.
Sorrento Therapeutics, which is developing treatments for cancer and associated pain, recently raised about $28.8 million before expenses on a secondary stock offering.