Sonnet Seen Jumping Following New Developments

Sonnet BioTherapeutics Holdings, Inc., (NASDAQ:SONN) saw its shares stay pretty much static Wednesday, after last montn announcing successful completion of the discovery phase for its next preclinical pipeline candidate, SON-1410.

The Princeton, New Jersey-based Sonnet elected a novel development candidate after completing comparative studies in a mouse melanoma model.

The candidate represents Sonnet's second bispecific compound integrating Interleukin 12 (IL-12) with the company's Fully Human Albumin Binding (FHAB) platform. The target indications for SON-1410 will be melanoma and renal cancers.

CEO Pankaj Mohan, Ph.D commented, "Following our recently completed $30 million financing, we are excited to have identified this latest bispecific candidate, which is scheduled to enter the next stages of its development during the fourth quarter of 2021, with the objective of filing an IND in the second half of 2022.

"Our Scientific Advisory Board is very encouraged by these latest data and by the opportunity to further expand our work with IL-18 and IL-12, as we continue the buildout of our immuno-oncology pipeline."

Sonnet is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bispecific action. Known as FHAB (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and "hitchhikes" 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.

SONN opened Wednesday up 10 cents to 67 cents