Sorrento Therapeutics Inc. (SRNE:NASDAQ) expects to be producing 6 million COVISTIX tests per month in Q1/22 via a fully automated assembly line, reported H.C. Wainwright & Co. analyst Ram Selvaraju. Further, the company could further increase production capacity to more than 100 million next year, if necessary.
Regarding the sale and distribution of COVISTIX in Mexico, Selvaraju indicated this newly executed second agreement is for 10 million tests. Added to the 5 million of the initial agreement, the new total is 15 million tests.
Lastly, Selvaraju noted that Sorrento has received orders for COVISTIX in Brazil, a country that COVID-19 has affected drastically. The company already began targeting other Latin American countries that import Brazilian-approved products.
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Disclosures for H.C. Wainwright & Co., Sorrento Therapeutics Inc., Dec. 28, 2021
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