PRINCETON, NJ - Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: NASDAQ:SONN), a clinical-stage biotech firm with a market capitalization of $2 million, has announced the publication of a study detailing the development and preclinical data of SON-1010, its lead drug candidate designed for cancer immunotherapy. According to InvestingPro analysis, the company's stock appears undervalued despite facing significant market challenges, having declined over 80% year-to-date. The research, published in the journal Frontiers in Immunology, outlines the drug's mechanism of action and its potential to improve the delivery of cytokines for cancer treatment.
SON-1010 combines Sonnet's proprietary fully human albumin-binding (FHAB®) platform with interleukin-12 (IL-12), a cytokine that plays a key role in immune responses to cancer. The fusion protein aims to extend the half-life of IL-12 in the bloodstream and target the tumor microenvironment more effectively, potentially enhancing therapeutic efficacy while reducing systemic toxicity.
The study describes the selection process of single-chain variable fragments (scFv) that bind to serum albumin across various species and pH conditions, a critical step in ensuring the drug's stability and specificity. The resulting molecule demonstrated significant tumor growth inhibition and prolonged interferon-gamma production in preclinical models, with minimal toxicity observed.
Pankaj Mohan, Ph.D., Founder and CEO of Sonnet, expressed optimism about the FHAB platform's potential to transform immunotherapeutic approaches to cancer by delivering cytokines directly to tumors. John Cini, Ph.D., Co-Founder and CSO of Sonnet, highlighted the limitations of current recombinant interleukins and the company's efforts to address these challenges through their platform.
Sonnet is currently conducting a Phase 1 clinical trial of SON-1010 as a monotherapy in patients with advanced solid tumors, expecting to report safety data from the study in Q4 2024. Additionally, SON-1010 is being evaluated in a Phase 1/2a study in combination with Roche's atezolizumab (Tecentriq®) for the treatment of platinum-resistant ovarian cancer.
The company's technology and ongoing trials represent a significant step in the development of targeted immunotherapies for solid tumors. While InvestingPro data shows Sonnet maintains a favorable cash position with more cash than debt, investors should note the company's weak overall financial health score of 1.47. The company is scheduled to report its next earnings on December 13, 2024. This news is based on a press release statement from Sonnet BioTherapeutics.
In other recent news, Sonnet BioTherapeutics has been making notable strides in its operations. The clinical-stage biotech firm announced a $5 million public offering, intending to use the proceeds for research and development, clinical trials, and general corporate purposes. The company also secured a U.S. Patent for its novel immunotherapeutic proteins, SON-1411 and SON-1400, which are expected to advance cancer treatment options.
Sonnet has regained compliance with Nasdaq's minimum bid price rule, ensuring its continued listing on the Nasdaq Capital Market. The firm has also entered into a licensing agreement with Alkem Laboratories for the development and commercialization of SON-080 in India, addressing the need for neuropathy treatments.
Additionally, Sonnet has received preliminary approval to sell New Jersey State net operating losses and research and development tax credits, potentially raising up to $0.795 million. The company has also made significant progress in its clinical trials, reporting positive results from its Phase 1b clinical trial of SON-080 and advancing SON-1210, an immunotherapeutic for metastatic pancreatic cancer. These are among the recent developments in Sonnet's ongoing efforts.
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