Welcome to our dedicated page for Sonnet BioTherapeutics Holdings news (Ticker: SONN), a resource for investors and traders seeking the latest updates and insights on Sonnet BioTherapeutics Holdings stock.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) is a clinical-stage biotechnology company based in Cranbury, New Jersey. The firm is pioneering the development of targeted immunotherapeutic drugs primarily aimed at treating cancers. Sonnet employs its proprietary FHAB (Fully Human Albumin Binding) technology, which utilizes a single-chain antibody fragment that binds to human serum albumin for targeted delivery to tumor and lymphatic tissues. This innovative platform enhances drug efficacy and safety by extending the half-life of therapeutic agents and concentrating them in the tumor microenvironment (TME).
Sonnet’s mission focuses on generating immuno-oncology candidates and advancing them to Phase II clinical assets. The company's current pipeline includes several promising products:
- SON-080 - A low-dose IL-6 aimed at treating chemotherapy-induced peripheral neuropathy (CIPN).
- SON-1210 - Combines IL-12 and IL-15 with Sonnet's FHAB for robust immune response targeting tumors.
- SON-1010 - Consists of a single-chain IL-12 linked with the albumin-binding domain for enhanced targeting and efficacy in cancer treatment.
Recent achievements include the publication of preclinical data demonstrating the efficacy of SON-1210 in reducing tumor growth in melanoma models. Additionally, the company reported positive safety and tolerability results from Phase 1 studies of SON-1010 in healthy volunteers and cancer patients.
Sonnet's collaboration with Genentech for the combination study of SON-1010 and atezolizumab (Tecentriq) in platinum-resistant ovarian cancer is a significant milestone. Financially, the company has successfully leveraged tax credits and managed its cash runway effectively, projecting operations funding into the latter part of 2024.
The company is also actively exploring strategic alternatives to maximize stockholder value, having engaged Chardan Capital Markets to assist in evaluating potential business development, partnerships, acquisitions, or mergers.
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 FHAB delivery technology patent, strengthening its intellectual property portfolio.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) has announced the appointments of Richard Kenney, M.D. as Chief Medical Officer and Manuel Dafonseca as Head of Clinical Operations, effective March 22, 2021. Dr. Kenney, with over 20 years of experience, will lead clinical development for Sonnet’s FHAB platform, aimed at treating challenging cancers. Dafonseca brings over 30 years of expertise in pharmaceutical development, recently managing oncology clinical operations at Merck. These strategic appointments come as the company prepares to advance its proprietary IL-12 therapeutic candidate, SON-1010, into clinical trials.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) provided a business update and financial results for Q1 FY 2021, reporting a cash balance of $2.3 million as of December 31, 2020. The company announced successful non-human primate studies for its lead therapeutic candidate, SON-1010, which demonstrated on-target activity and tolerability. Sonnet plans to file an IND for SON-1010 in the second half of 2021, alongside additional trials for SON-080 and SON-1210. The company has initiated an at-the-market offering program aiming to raise up to $15.9 million.
Sonnet BioTherapeutics (NASDAQ:SONN) has completed a successful non-human primate study of SON-1010, a fully human Interleukin 12 (IL-12) therapeutic candidate. The study demonstrated SON-1010's improved pharmacokinetic profile compared to recombinant human IL-12 and confirmed its safety at doses significantly higher than expected for human trials. Key findings include a prolonged half-life of 40 hours for subcutaneous doses and potent pharmacodynamic effects indicated by increased Interferon-γ levels. These results pave the way for IND filing with the FDA and potential clinical trials targeting lung and head and neck cancers.
Sonnet BioTherapeutics announced positive results from a preclinical study of SON-1010, a human IL-12 candidate. The SCID mouse study showed no toxicity or adverse immune reactions, indicating a favorable safety profile. Notably, cytokine storm was absent, and the dosing demonstrated a dose-dependent response in activating the immune system. The company plans to submit an Investigational New Drug (IND) application in 2021 and aims to initiate first-in-human clinical studies in the latter half of the year, reinforcing its commitment to advancing oncology therapies.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) announced the successful exercise of 3,300,066 Series A Warrants at $3.19 per share, generating $10.5 million in gross proceeds. CFO Jay Cross highlighted that the funds will support the company’s clinical pipeline. Following this exercise, there are no Series A Warrants remaining, with 2,308,663 Series B and 11,329,461 Series C Warrants still outstanding, which could potentially raise an additional $36.1 million if fully exercised. The total outstanding shares now total 14.7 million.
Sonnet BioTherapeutics Holdings (NASDAQ:SONN) announced successful completion of a warrant repricing, raising $10.5 million. The company is negotiating a potential licensing deal for its low-dose IL-6 asset, SON-081, for diabetic peripheral neuropathy, which could yield $40 million in upfront fees and milestone payments. In Q1 2020, Sonnet reported $3.1 million in cash and R&D expenses increased to $2.5 million, while administrative costs also rose. The firm expects to submit INDs for its assets in 2021 despite COVID-19 related delays.
Sonnet BioTherapeutics Holdings (NASDAQ:SONN) reported significant advancements in its drug pipeline and announced a successful warrant repricing and exchange, generating gross proceeds of $10.5 million. During Q1 2020, Sonnet completed preclinical studies showing promising results in tumor reduction with its FHAB-derived drug candidates. The company is negotiating a licensing deal for its IL-6 assets for diabetic neuropathy, potentially earning $500,000 upfront and up to $36 million in milestone payments. As of June 30, 2020, Sonnet has $3.1 million cash on hand.
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