Sonnet BioTherapeutics appoints new chief business officer

PRINCETON - Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN), a clinical-stage biotechnology company specializing in immunotherapy treatments with a current market capitalization of $4.69 million, has announced the appointment of Stephen J. McAndrew, Ph.D., as its Chief Business Officer, starting February 17, 2025. According to InvestingPro data, the company faces significant challenges with weak financial health metrics and negative gross profit margins. McAndrew, with over three decades of experience in the biopharmaceutical industry, will continue to build on his previous roles within the company to further its business development and licensing strategies.

Dr. McAndrew’s extensive background includes various senior positions, notably at Oncobiologics, Inc. (now Outlook Therapeutics (NASDAQ:OTLK), Inc.), where he led business strategy and development. His expertise spans various business models and transactional agreements, particularly involving biologics at different developmental stages. At Sonnet, he has played a significant role in shaping the company’s partnering strategy and managing its global intellectual property portfolio. The appointment comes as the company’s stock has experienced a significant decline of 87% over the past year, with InvestingPro analysis revealing 12 additional key insights available to subscribers.

Sonnet’s Founder and CEO, Pankaj Mohan, Ph.D., expressed confidence in McAndrew’s ability to contribute to the company’s growth, especially as their Fully Human Albumin-Binding (FHAB) assets advance in clinical trials. The FHAB technology is a cornerstone of Sonnet’s approach to developing targeted biologic drugs with single or bifunctional action. This proprietary platform aims to optimize the delivery of immune modulating biologic drugs to tumor and lymphatic tissues.

The company’s lead program, SON-1010, is currently in a Phase 1/2a study for the treatment of solid tumors and ovarian cancer. Additionally, Sonnet is evaluating SON-1210 for solid tumors and has an ongoing program, SON-080, for Chemotherapy-Induced Peripheral Neuropathy (CIPN) and Diabetic Peripheral Neuropathy (DPN).

Dr. McAndrew’s new role is pivotal as Sonnet seeks to establish key partnerships based on the data-driven valuation of its FHAB assets. His aim is to bring innovative immunotherapy treatments to cancer patients through these strategic collaborations.

This press release statement serves as the source for the information provided. It includes forward-looking statements regarding the company’s clinical trials, product development, and market opportunities, which are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Financial metrics from InvestingPro indicate the company operates with a moderate debt level and faces challenges with short-term obligations exceeding liquid assets, as reflected in a current ratio of 0.66. Sonnet BioTherapeutics does not undertake any obligation to update these forward-looking statements in the event of new information or future developments.

In other recent news, Sonnet BioTherapeutics Holdings, Inc. has been making strides in the development of its lead drug candidate, SON-1010. The company has expanded its Phase 1 SB101 clinical trial to include a new cohort that combines SON-1010 with trabectedin, a chemotherapeutic agent, for treating advanced soft-tissue sarcoma. The trial aims to explore the potential enhancement of trabectedin’s therapeutic effects by leveraging the immune-oncology properties of SON-1010.

In another development, Sonnet BioTherapeutics reported the completion of dose escalation in the Phase 1 SB101 clinical trial of SON-1010 for patients with advanced solid tumors. The trial determined the maximum tolerated dose (MTD) of SON-1010 to be 1200 ng/kg, with no dose-limiting toxicity or cytokine release syndrome observed at any level.

Additionally, Sonnet BioTherapeutics has announced the publication of a study detailing the development and preclinical data of SON-1010, its lead drug candidate designed for cancer immunotherapy. The research outlines the drug’s mechanism of action and its potential to improve the delivery of cytokines for cancer treatment.

These developments represent significant progress in Sonnet BioTherapeutics’ efforts to advance cancer treatment and immunotherapy. The company is actively seeking partnership opportunities to support the later-stage development of SON-1010.

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