#ANCORA PAIN MANAGEMENT TRIAL#

“We are pleased to enter into the proposed transaction and are confident that Scilex is the ideal fit to build the AnCora franchise given their commitment to and proven track record of expanding patient access to non-opioid options,” said Chunyuan Qiu, M.D., Chief Executive Officer of Ancora. Other factors impacting demand include advancements in product designs, favorable demographic trends, increased emphasis on preventing hospital-acquired infections, and improving healthcare infrastructure and services across developing countries. The global needle market will reach $8.47 billion by 2022 and $15.9 billion by 2026 and the nerve block needle market is valued at $600 million.2 According to February 2022, the growth in the medical needles market is primarily driven by factors including the rise in incidence of infectious diseases, prevalence of chronic diseases such as cancer and diabetes, and surgery volumes and increasing prevalence of spine-related disorders and an aging population. The global continuous peripheral nerve block catheter market is estimated to surpass $740.7 million by 2027.1 Increasing incidence of trauma and accidental injuries is expected to propel growth of the global continuous peripheral nerve block, according to Coherent Market Insights 2020.1 This market also has additional opportunity in different segments of the market such as interventional pain clinics and ambulatory surgical.1 These segments are fast growing and Ancora’s technology has the potential to offer increased efficiency and a reduction in procedural cost and the high usage of opioid treatments. The catheter may remain in dwelling for up to 72 hours (Section 510k Number: K191290). The device allows physicians to locate peripheral nerves by transferring electrical impulses from a nerve stimulator and/or through ultrasound visualization of the device. The Ancora Nerve Block Catheter Set is indicated for surgical pain management during the pre-operative, perioperative and post-operative periods associated with general and orthopedic surgery. (“Ancora”), a privately held medical technology company with anchoring catheter and needle combo technology that was approved by the FDA in February 2020. (Nasdaq: SRNE), a commercial biopharmaceutical company focused on developing and commercializing non-opioid therapies for patients with acute and chronic pain, has entered a term sheet to acquire Ancora Medical Inc. Scilex Holding Company (“Scilex”), a nearly 100% (or over 99.9%) majority-owned subsidiary of Sorrento Therapeutics, Inc.

#ANCORA PAIN MANAGEMENT TRIAL#

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Ancora pain management