Sonnet Announces the Passing of Founder and CEO Pankaj Mohan, Ph.D.
Sonnet BioTherapeutics (NASDAQ:SONN) announced the unexpected passing of its Founder and CEO, Pankaj Mohan, Ph.D. The company's Board of Directors has appointed board member Raghu Rao as Interim CEO and promoted Stephen McAndrew, Ph.D to President and Chief Business Officer.
Dr. Mohan founded Sonnet in 2015 and led the clinical-stage company, which develops immunotherapeutic drugs targeted to the tumor microenvironment (TME), for ten years. The Board intends to launch a CEO search while maintaining the company's momentum in corporate and clinical initiatives.
Sonnet BioTherapeutics (NASDAQ:SONN) ha annunciato la scomparsa inaspettata del suo Fondatore e CEO, Pankaj Mohan, Ph.D. Il Consiglio di Amministrazione della società ha nominato il membro del consiglio Raghu Rao come CEO ad interim e ha promosso Stephen McAndrew, Ph.D a Presidente e Chief Business Officer.
Il Dr. Mohan ha fondato Sonnet nel 2015 e ha guidato l'azienda in fase clinica, che sviluppa farmaci immunoterapici mirati all'ambiente tumorale (TME), per dieci anni. Il Consiglio intende avviare una ricerca per un nuovo CEO mantenendo al contempo l'inerzia della società nelle iniziative aziendali e cliniche.
Sonnet BioTherapeutics (NASDAQ:SONN) anunció el fallecimiento inesperado de su Fundador y CEO, Pankaj Mohan, Ph.D. La Junta Directiva de la compañía ha nombrado al miembro de la junta Raghu Rao como CEO interino y ha promovido a Stephen McAndrew, Ph.D a Presidente y Director de Negocios.
El Dr. Mohan fundó Sonnet en 2015 y dirigió la empresa en etapa clínica, que desarrolla medicamentos inmunoterapéuticos dirigidos al microambiente tumoral (TME), durante diez años. La Junta tiene la intención de iniciar una búsqueda de CEO mientras mantiene el impulso de la empresa en iniciativas corporativas y clínicas.
Sonnet BioTherapeutics (NASDAQ:SONN)는 창립자이자 CEO인 Pankaj Mohan, Ph.D의 예기치 않은 별세를 발표했습니다. 회사의 이사회는 이사인 Raghu Rao를 임시 CEO로 임명하고 Stephen McAndrew, Ph.D를 사장 및 최고 비즈니스 책임자로 승진시켰습니다.
Mohan 박사는 2015년에 Sonnet을 설립했으며, 종양 미세 환경(TME)을 목표로 하는 면역 치료제를 개발하는 임상 단계 회사를 10년 동안 이끌었습니다. 이사회는 회사의 기업 및 임상 이니셔티브에서의 모멘텀을 유지하면서 CEO 검색을 시작할 계획입니다.
Sonnet BioTherapeutics (NASDAQ:SONN) a annoncé le décès inattendu de son Fondateur et CEO, Pankaj Mohan, Ph.D. Le Conseil d'Administration de l'entreprise a nommé le membre du conseil Raghu Rao en tant que CEO par intérim et a promu Stephen McAndrew, Ph.D au poste de Président et Directeur Commercial.
Le Dr Mohan a fondé Sonnet en 2015 et a dirigé l'entreprise en phase clinique, qui développe des médicaments immunothérapeutiques ciblés sur le microenvironnement tumoral (TME), pendant dix ans. Le Conseil a l'intention de lancer une recherche pour un nouveau CEO tout en maintenant l'élan de l'entreprise dans ses initiatives corporatives et cliniques.
Sonnet BioTherapeutics (NASDAQ:SONN) gab den unerwarteten Tod seines Gründers und CEO, Pankaj Mohan, Ph.D, bekannt. Der Vorstand des Unternehmens hat das Vorstandsmitglied Raghu Rao zum Interim-CEO ernannt und Stephen McAndrew, Ph.D zum Präsidenten und Chief Business Officer befördert.
Dr. Mohan gründete Sonnet im Jahr 2015 und leitete das klinische Unternehmen, das immuntherapeutische Medikamente entwickelt, die auf die Tumormikroumgebung (TME) abzielen, über einen Zeitraum von zehn Jahren. Der Vorstand beabsichtigt, eine CEO-Suche zu starten und gleichzeitig das Momentum des Unternehmens in den Unternehmens- und klinischen Initiativen aufrechtzuerhalten.
- Immediate leadership succession plan implemented with experienced internal candidates
- Continuity in business operations assured through promotion of existing Chief Business Officer
- Unexpected loss of founder and key visionary leader
- Potential strategic uncertainty during leadership transition period
Insights
The passing of founder and CEO Dr. Pankaj Mohan represents a significant leadership disruption for Sonnet BioTherapeutics, a clinical-stage immunotherapy company developing tumor microenvironment (TME) targeted drugs. The board's rapid appointment of interim leadership – naming board member Raghu Rao as Interim CEO and promoting Stephen McAndrew to President and Chief Business Officer – indicates an attempt to maintain operational continuity during this unexpected transition.
For smaller biotechs like Sonnet (market cap ~
The company faces three critical challenges during this transition: 1) maintaining momentum on existing clinical programs, 2) preserving institutional knowledge, and 3) managing potential fundraising disruptions. Dr. McAndrew's elevation to President leverages his familiarity with scientific operations, potentially mitigating short-term development risks, but the company will need to demonstrate pipeline stability in upcoming communications to maintain investor confidence. This transition period adds execution risk during a phase when consistent leadership is particularly valuable for clinical-stage companies with resources.
PRINCETON, N.J., April 01, 2025 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) (the "Company" or "Sonnet"), a clinical-stage company developing immunotherapeutic drugs targeted to the tumor microenvironment (TME), today announced with deep and profound sadness the tragic passing of Pankaj Mohan, Ph.D., Sonnet Founder and Chief Executive Officer. The Company’s Board of Directors has unanimously approved the appointment of current board member Raghu Rao, as Interim Chief Executive Officer of the Company, and the promotion of Stephen McAndrew, Ph.D., the Company’s current Chief Business Officer, to President and Chief Business Officer of the Company. The Board intends to launch a CEO search.
Mr. Rao, Interim CEO, commented, “We are heartbroken by this unexpected, tragic loss. Pankaj was a respected leader and visionary throughout his ten years at Sonnet. His unwavering belief in Sonnet’s technology and dedication to providing much needed treatment options to patients has continued to propel Sonnet to where it is today. Our support and deepest condolences are with his family and loved ones during this extraordinarily sad time.”
Nailesh Bhatt, member of the Company’s Board of Directors added, “We were stunned and devastated to learn about Pankaj’s passing. Since founding Sonnet in 2015, his leadership and dedication have been integral in Sonnet’s evolution. On behalf of the entire Company, our thoughts are with his family. In Pankaj’s honor, we are committed to fulfilling his vision and will continue to build on his and the Company’s accomplishments. We believe that Mr. Rao’s strong financial, capital markets and business acumen will be valuable during this important transition and round out the necessary expertise to drive Sonnet forward and continue momentum. In addition, Dr. McAndrew has been intimately involved in Sonnet’s scientific and business operations, and he, along with the team, will continue executing on our corporate and clinical initiatives.”
About Sonnet BioTherapeutics Holdings, Inc.
Sonnet is an oncology-focused biotechnology company with a proprietary platform for developing targeted biologic drugs with single or bifunctional action. Known as FHAB (Fully Human Albumin-Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and "hitch-hikes" on human serum albumin (HSA) for transport to target tissues. Sonnet's FHAB was designed to specifically target tumor and lymphatic tissue, with an improved therapeutic window for optimizing the safety and efficacy of immune modulating biologic drugs. FHAB platform is the foundation of a modular, plug-and-play construct for potentiating a range of large molecule therapeutic classes, including cytokines, peptides, antibodies and vaccines.
Sonnet’s lead program, SON-1010, or IL-12-FHAB, is in development for the treatment of solid tumors, certain types of sarcoma, and ovarian cancer. SON-1010 is being evaluated in an ongoing Phase 1/2a study through a Master Clinical Trial and Supply Agreement, along with ancillary Quality and Safety Agreements, with Roche in combination with atezolizumab (Tecentriq®) for the treatment of platinum-resistant ovarian cancer (PROC) (NCT05756907). The Company is also evaluating its second program using this platform, SON-1210, an IL12-FHAB-IL15 for solid tumors, in collaboration with the Sarcoma Oncology Center to commence an investigator-initiated and funded Phase 1/2a study for the treatment of pancreatic cancer.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the outcome of the Company’s clinical trials, the Company's cash runway, the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Investor Relations Contact:
JTC Team, LLC
Jenene Thomas
908-824-0775
SONN@jtcir.com
FAQ
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