(Nasdaq: SRNE, “Sorrento”) announced today that it has entered into a licensing agreement with Columbia University (Columbia) for the rights to a single-level rapid diagnostic test, which detects the SARS-CoV-2 virus from a saliva sample in just 30 minutes. Unlike other commercially available diagnostic products, the test developed by the Columbia team, intended to be marketed by Sorrento as COVI-TRACE™, contains all the test materials in a single tube and does not require special laboratory equipment, so it can be easily used for point-of-care testing, on site or possibly at home. In consideration for the license granted under the license agreement, the Company has agreed to provide Columbia with (i) a pre-licensing fee of $5.0 million within ten business days of entering into the license agreement, (ii) a royalty earned on net sales of field products worldwide, and (iii) an annual license fee of up to $1.0 million. late ten days after the first bona foit commercial sale of a product to a third party the customer and, thereafter, annually. In addition, the Company has agreed to pay Columbia a percentage of certain unpaid sub-licenses and other payments that the Company has received from its sub-licenses, in exchange for the granting of sub-licenses, options, or similar rights. . . .