Multiple news outlets are reporting that California-based biotech company Sorrento Therapeutics are claiming to have found a treatment that they're calling "a cure".

Dr. Henry Ji, founder and CEO of Sorrento Therapeutics told Fox News:

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

In addition to the treatment announcement, the company says it can have hundreds of thousands of doses ready before a vaccine will be made available.

The treatment is based on an antibody called STI-1499, and the company says that it has a 100% success rate on stopping the virus from entering healthy human cells in lab testing. The scientists say the antibodies work by blocking the "primary doorway" for the virus to enter cells, according to The Daily Mail.

Sorrento has applied for emergency approval of the treatment from the United State Food and Drug Administration.