Sonnet BioTherapeutics (NASDAQ: SONN), a clinical-stage company developing innovative targeted biologic drugs, is reporting the pricing of its underwritten public offering; the offering consists of 13,888,888 shares of common stock or common stock equivalents, including prefunded warrants to purchase shares of common stock in lieu of shares of common stock and investor warrants to purchase up to an aggregate of 27,777,776 shares of common stock. According to the announcement, the common stock shares (or prefunded warrants in lieu thereof) are being combined and sold with one investor warrant enabling the purchase of two shares of common stock at a combined offering price of $1.08. Total gross proceeds of the offering will be approximately $15 million, before Sonnet pays typical underwriting discounts and commissions and offering expenses. The company plans to use funds from the offering for R&D, including clinical trials, as well as general corporate purposes and working capital.
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About Sonnet BioTherapeutics Holdings Inc.
Sonnet BioTherapeutics is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bispecific, bifunctional action. Known as FHAB (fully human albumin binding), the technology utilizes a fully human single chain antibody fragment (“scFv”) that binds to and “hitch hikes” on human serum albumin (“HAS”) 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. FHAB is the foundation of a modular, plug-and-play construct for potentiating a range of large molecule therapeutic classes, including cytokines, peptides, antibodies and vaccines. For more information about the company, visit www.SonnetBio.com
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