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PRINCETON - Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN), an oncology-focused biotech company with a market capitalization of $4.11 million, has announced the appointment of Raghu Rao as Interim Chief Executive Officer following the unexpected death of founder and CEO Pankaj Mohan, Ph.D. According to InvestingPro analysis, the company appears undervalued at current levels, despite facing significant challenges reflected in its share price decline of 91% over the past year. Stephen McAndrew, Ph.D., has been promoted to President and Chief Business Officer, as the company prepares to conduct a search for a permanent CEO.
Mohan, who founded Sonnet in 2015, was remembered for his dedication to the company and its technology. "We are heartbroken by this unexpected, tragic loss," said Rao, paying tribute to Mohan’s ten years of leadership. Board member Nailesh Bhatt echoed Rao’s sentiments, emphasizing the company’s commitment to continuing Mohan’s vision.
Sonnet’s proprietary technology, the Fully Human Albumin-Binding (FHAB) platform, is designed to target the tumor microenvironment and enhance the delivery of biologic drugs. The company’s lead program, SON-1010, is currently in a Phase 1/2a study for the treatment of solid tumors, sarcomas, and ovarian cancer in combination with Roche’s atezolizumab (Tecentriq®). InvestingPro data reveals analysts project revenue growth of 52.69% for the current fiscal year, though the company maintains a cautious financial position with more cash than debt on its balance sheet.
The company also mentioned the upcoming Phase 1/2a study of SON-1210, an IL12-FHAB-IL15, for the treatment of pancreatic cancer, in collaboration with the Sarcoma Oncology Center.
The press release contained forward-looking statements regarding the company’s clinical trials and product development timelines. These statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially. For deeper insights into Sonnet’s financial health and growth prospects, InvestingPro subscribers have access to over 10 additional ProTips and comprehensive financial metrics.
The information for this article is based on a press release statement from Sonnet BioTherapeutics Holdings, Inc.
In other recent news, Sonnet BioTherapeutics Holdings, Inc. reported positive safety data from its ongoing Phase 1 SB101 clinical trial, which is examining the combination of SON-1010 and trabectedin for advanced sarcoma treatment. The Safety Review Committee found no unexpected toxicities among the first seven patients treated at the maximum tolerated dose, with mild to moderate adverse events reported. Additionally, Sonnet has received a Notice of Allowance from the United States Patent and Trademark Office for a new patent related to its IL-18 variant protein, IL-18BPR, enhancing its efficacy in cancer treatments. The company has also announced the development of its proprietary Antibody Drug Conjugate (ADC) platform, with the initial construct, SON-5010, showing promising results in targeting the HER2 receptor in preclinical studies. Furthermore, Sonnet appointed Stephen J. McAndrew, Ph.D., as Chief Business Officer, who will focus on advancing the company’s business development and licensing strategies. These developments reflect Sonnet’s ongoing efforts to expand its oncology-focused pipeline and strengthen its intellectual property portfolio.
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