Sonnet BioTherapeutics Holdings, Inc. - SONN STOCK NEWS

Sonnet BioTherapeutics Holdings (NASDAQ:SONN) reported its fiscal year 2021 results, highlighting significant advancements in its therapeutic pipeline. The company announced promising data from preclinical studies for SON-1010 and SON-080, along with the identification of a new bispecific candidate, SON-1410. Financially, Sonnet raised approximately $27.6 million through a public offering, ending the fiscal year with $27.6 million in cash. R&D expenses rose to $16.6 million, reflecting ongoing development efforts. The CEO expressed confidence in the company's growth trajectory for 2022.

Sonnet BioTherapeutics has selected a new candidate, SON-1410 (IL18-F_HAB-IL12), for development after successful comparisons in a mouse melanoma study. This candidate, integrating Interleukins 18 and 12, aims to target melanoma and renal cancers. An IND submission is expected in 2022. The study showed significant tumor reduction compared to placebo, with promising immune responses. Following a recent $30 million financing, Sonnet is focused on advancing its immuno-oncology pipeline, with manufacturing processes for SON-1410 already in progress.

Sonnet BioTherapeutics Holdings (NASDAQ:SONN) announced a public offering of 35,294,117 shares at a price of $0.85 per share, projected to raise approximately $30 million before expenses. Each share comes with an investor warrant for one additional share at the same price. A 30-day over-allotment option for an additional 5,294,117 shares is available to underwriters. Funds will be allocated for research, clinical trials, and general corporate purposes. The offering is expected to close around August 24, 2021.

Sonnet BioTherapeutics (NASDAQ:SONN) reported its fiscal Q3 2021 results, noting progress on its Fully Human Albumin Binding (FHAB) drug pipeline. With IND submissions for SON-1010 and SON-080 anticipated by year-end 2021, the company is focused on increasing the efficacy of targeted therapies. The financing strategy generated $15.9 million through an at-the-market sale, enhancing R&D capabilities. As of June 30, 2021, cash on hand stood at $6 million, with R&D expenses rising to $3.9 million, reflecting heightened developmental activity.

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) has rescheduled its annual stockholders meeting to July 15, 2021, at 9:00 a.m. Eastern Time, to be conducted virtually. The meeting will include discussions on key proposals such as the election of directors and appointment of the independent auditing firm for the fiscal year ending September 30, 2021.

Sonnet is focused on developing innovative biologic drugs using its proprietary F_HAB technology, which enhances drug efficacy through targeted delivery mechanisms.

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) announced the issuance of U.S. Patent No. 11,028,166 for its Fully Human Albumin Binding (F_HAB™) technology, valid until March 2039. This patent protects therapeutic fusion proteins designed for tumor targeting and extended pharmacokinetics. CEO Pankaj Mohan emphasized its significance in differentiating from competitors and validating their product pipeline.

Sonnet's F_HAB platform enhances penetration and retention in tumors, showcasing potential for improved efficacy against wild type cytokines.

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) announced positive results from a preclinical GLP repeat-dose study of SON-1010, a proprietary Interleukin 12 biologic, in nonhuman primates. The No Observed Adverse Event Level was over 50 times the expected human dose, with no cytokine release syndrome noted. The pharmacokinetic profile showed a half-life of approximately 40 hours, enhancing therapeutic potential. Additionally, significant increases in Interferon-γ, an anti-tumor cytokine, were recorded. These findings support the safety and efficacy of SON-1010 for future clinical trials.

Sonnet BioTherapeutics Holdings (NASDAQ:SONN) has signed a licensing agreement with New Life Therapeutics (NLT) for low-dose Interleukin 6 to treat Diabetic Peripheral Neuropathy (DPN) in ASEAN countries. The deal includes an upfront payment of $1 million and up to $20 million in milestone payments, along with royalties of 12% to 30% on net sales. NLT will manage a Phase 1b/2a clinical trial, set to begin in the second half of 2021. This partnership aims to address rising diabetes rates in the region and bring innovation to neuropathy treatment.

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) provided an update on its ongoing programs. The company has completed GLP toxicity studies for SON-1010 and SON-080, with plans to initiate clinical trials in the second half of 2021. A partnership with New Life Therapeutics for SON-081 aims to advance it into clinical trials. Sonnet is actively developing several candidates, including SON-1210 and SON-2014, with IND submissions planned. Additionally, the company received a Notice of Allowance for its F_HAB delivery technology patent, strengthening its intellectual property portfolio.