How a Cal­i­for­nia biotech briefly tripled its val­ue by hyp­ing a Covid-19 ‘cure’

Last week, a Cal­i­for­nia biotech called Sor­ren­to Ther­a­peu­tics emailed re­porters about the dis­cov­ery of an “ex­cep­tion­al­ly po­tent an­ti­body” for Covid-19. Then the CEO, Hen­ry Ji, got a Fox News re­porter on the phone and told him that there was a cure, that the cri­sis would be over.

“We want to em­pha­size there is a cure. There is a so­lu­tion that works 100 per­cent,” Ji said. “If we have the neu­tral­iz­ing an­ti­body in your body, you don’t need the so­cial dis­tanc­ing. You can open up a so­ci­ety with­out fear.”

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