PRINCETON, N.J. - Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: NASDAQ:SONN), a clinical-stage biotechnology company, has announced a collaboration with the Sarcoma Oncology Center to advance SON-1210, a novel immunotherapeutic for the treatment of metastatic pancreatic cancer. The Master Clinical Collaboration Agreement will facilitate a Phase 1/2a clinical trial combining SON-1210 with chemotherapy agents.
SON-1210 is a bifunctional fusion protein that binds to albumin, potentially enhancing drug delivery to tumors. Preclinical data has indicated that SON-1210 may improve the immune response to solid tumors. The study will assess the drug’s efficacy in combination with FDA-approved chemotherapy regimen NALIRIFOX.
The agreement was announced today, with Sonnet providing the study drug and support services. Dr. Pankaj Mohan, CEO of Sonnet, expressed optimism about the potential of SON-1210 to address the high unmet need in pancreatic cancer treatment. Dr. Andrew Hendifar of Cedars-Sinai noted the limited advancements in pancreatic cancer care, highlighting the significance of novel therapies like SON-1210.
Dr. Sant Chawla, Director of the Sarcoma Oncology Center, emphasized the potential benefits of albumin-bound drugs in cancer treatment, given their preferential uptake by cancer cells. Dr. John Cini, Sonnet’s Chief Scientific Officer, added that the company's albumin-binding technology aims to improve the targeting and safety profile of immunotherapeutics.
The drug candidate has completed two IND-enabling toxicology studies in non-human primates, showing no significant toxicity and a transient increase in IFNγ, a biomarker related to anti-tumor efficacy.
Sonnet BioTherapeutics specializes in developing targeted immunotherapeutic drugs using its proprietary Fully Human Albumin Binding (FHAB®) platform. The company's approach is designed to enhance the delivery and efficacy of biologic drugs for cancer and other diseases.
This clinical trial represents a strategic step forward in the development of SON-1210 and its potential to improve outcomes for patients with metastatic pancreatic cancer. The information is based on a press release statement from Sonnet BioTherapeutics.
In other recent news, Sonnet BioTherapeutics Holdings, Inc. reported positive outcomes from its Phase 1b clinical trial of SON-080, a treatment candidate for chemotherapy-induced peripheral neuropathy (CIPN). The study, conducted in Australia, revealed that SON-080 was well-tolerated at both tested doses, and showed promise in improving symptoms related to CIPN. This data paves the way for advancing SON-080 into a Phase 2 study for diabetic peripheral neuropathy (DPN), a condition with a significant unmet medical need.
In a separate development, Sonnet announced an agreement for the immediate exercise of warrants issued in October 2023, allowing the purchase of up to 2,828,500 shares of common stock at a reduced price. In a strategic move to generate capital, the company also decided to issue new unregistered warrants for the purchase of up to 5,657,000 shares. The anticipated gross proceeds from the exercise of the existing warrants are projected to be around $3.4 million, which Sonnet intends to allocate towards its research and development efforts, including clinical trials. These are the latest developments in the company's ongoing endeavors.
InvestingPro Insights
As Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) advances its clinical trial for SON-1210, a novel immunotherapeutic for metastatic pancreatic cancer, investors may wish to consider several financial metrics and analyst insights from InvestingPro. With a market capitalization of just $3.42 million and a revenue of $0.06 million for the last twelve months as of Q3 2024, the company's financial position is indicative of its early stage in the biotechnology lifecycle. The gross profit margin during the same period stands at an alarming -11318.9%, reflecting significant challenges in achieving profitability.
InvestingPro Tips highlight the company's current financial health and market performance. Sonnet holds more cash than debt on its balance sheet, which is a positive sign for its financial stability. However, analysts are expecting a sales decline in the current year, and the stock has experienced a significant downturn over various timeframes, including a one-week total return of -11.15% and a one-year total return of -90.57%. The stock is trading near its 52-week low, with a price of only 9.47% of its 52-week high, suggesting that investor sentiment is currently bearish.
These metrics and insights, along with 16 additional InvestingPro Tips available at https://www.investing.com/pro/SONN, provide a comprehensive view of Sonnet's financial health and market performance. As the company continues to pursue innovative treatments for cancer, these data points can help investors make more informed decisions about the potential risks and rewards associated with investing in Sonnet BioTherapeutics.
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