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Sonnet BioTherapeutics to Receive Non-Dilutive Funding Through New Jersey Tax Certificate Transfer and Australia R&D Tax Incentive Programs

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Sonnet BioTherapeutics to Receive Non-Dilutive Funding Through New Jersey Tax Certificate Transfer and Australia R&D Tax Incentive Programs


Sonnet BioTherapeutics Holdings, Inc.

Sonnet BioTherapeutics Holdings, Inc.

PRINCETON, NJ, Oct. 04, 2024 (GLOBE NEWSWIRE) — Sonnet BioTherapeutics Holdings, Inc. (the “Company” or “Sonnet”) (NASDAQ: SONN), a clinical-stage company developing targeted immunotherapeutic drugs, today announced it has received preliminary approval for a tax credit from the New Jersey Technology Business Tax Certificate Transfer Program administered by the New Jersey Economic Development Authority (NJEDA). Sonnet received approval of its application to sell up to $8,143,144 of its New Jersey State net operating losses (NOLs) and $62,810 of its New Jersey State research and development (R&D) tax credits for proceeds of up to $0.795 million through the New Jersey Technology Business Tax Certificate Transfer Program, subject to execution of such sale. Sonnet also expects to receive a $0.7 million net cash refund from the R&D Tax Incentive Program in Australia.

Pankaj Mohan, Founder and Chief Executive Officer of Sonnet commented, “We are grateful for NJEDA’s continued support of the biotechnology industry and to be one of the recipients to benefit from the New Jersey Technology Business Tax Certificate Transfer Program. With the addition of the net cash refund from the Australian R&D Tax Incentive Program, this will provide Sonnet with non-dilutive capital to continue to direct our resources towards advancing our pipeline of targeted immunotherapeutic drugs.”

The Technology Business Tax Certificate Transfer Program administered by the NJEDA enables qualified companies to sell up to $20 million of their unused New Jersey NOLs and R&D tax credits to unaffiliated, profit-generating corporate taxpayers in the State of New Jersey. The Technology Business Tax Certificate Transfer Program is designed to allow technology and biotechnology companies with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, expand its workforce and cover other allowable expenditures. Sonnet is one of several biotechnology/technology companies to qualify in this competitive process to share in the funding this year.

The Australian R&D Tax Incentive Program allows certain companies to claim a significant percentage of their costs related to R&D activities they have or are planning to undertake in Australia.

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The Company expects to receive the Australian net cash refund before calendar year end 2024 and the proceeds from the sale of its New Jersey NOLs and R&D tax credits before the end of the first calendar quarter of 2025, subject to execution of such sale.

About Sonnet BioTherapeutics Holdings, Inc.

Sonnet is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or 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 (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. 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.

Forward-Looking Statements

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This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the proceeds from the Company’s New Jersey State NOLs and R&D tax credits, the Company’s Australia net cash refund, the outcome of the Company’s clinical trials, the Company’s cash runway, the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Relations Contact:
JTC Team, LLC
Jenene Thomas
908.824.0775
SONN@jtcir.com



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New Jersey

Older NJ residents consider leaving as costs rise, survey shows

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Older NJ residents consider leaving as costs rise, survey shows


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New survey data released May 13 suggests affordability pressures are increasingly shaping whether older New Jersey residents stay or leave the state.

More than one-third of residents age 45 and older – 35% – said they have considered leaving New Jersey in the past year, according to a new AARP New Jersey “Vital Voices” survey. Among those weighing a move, 67% said the high cost of living is a primary reason.

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The findings come as state lawmakers continue discussions centered on property taxes, utility costs and policies aimed at helping residents age in place.

“New Jersey should be a place where people can afford to grow older, not a place they feel forced to leave,” Chris Widelo, state director of AARP New Jersey, said in a statement. “Right now, rising costs are pushing people out.”

NJ property taxes, utilities driving concern

Affordability pressures extend across multiple key household costs.

Property taxes remain a central concern, with 53% of respondents citing them as a factor in considering leaving the state. The survey also found strong support for the Stay NJ program, which provides eligible homeowners with up to $6,500 in annual property tax relief.

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Nearly two-thirds of respondents (65%) said they support keeping the program intact, including maintaining the full benefit.

Rising utility costs are also a growing concern. About 89% of respondents said they are worried about increasing electricity bills, including a majority who said they are “very concerned.”

Support for caregiving relief, transparency

The survey highlights financial and logistical pressures facing caregivers, as more residents provide unpaid care for aging relatives.

More than half – 54% – of adults age 45 and older said they have served as unpaid caregivers. A majority said caregiving costs are a financial concern, and 86% expressed support for a caregiver tax credit.

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Respondents also backed greater oversight of long-term care facilities. Strong majorities said they support requirements for nursing homes to disclose ownership, staffing levels and financial arrangements, along with greater transparency in how Medicaid funding is spent.

What it means for NJ budget talks

The findings underscore a broader policy debate in Trenton over how to address affordability challenges while maintaining services.

AARP New Jersey is urging state leaders to prioritize policies that reduce financial strain on older adults, including property tax relief, utility affordability and support for caregivers.

“This survey sends a clear message,” Widelo said. “If New Jersey wants to remain a place where people can age with dignity, we must focus on making it more affordable to stay.”

This story was created by reporter Joe Martino, jmartino@usatodayco.com, with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the information gathering, review, editing and publishing process. Learn more.

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New Jersey

24-year-old elected mayor of NJ town as incumbent faced backlash in wake of massive warehouse fire

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24-year-old elected mayor of NJ town as incumbent faced backlash in wake of massive warehouse fire


BELLEVILLE, New Jersey (WABC) — Frank Vélez, a 24-year-old town councilman, was elected as the new mayor of Belleville, New Jersey, on Tuesday.

Vélez may be young, but he has years of experience after he became involved in politics at 19 because his sister has special needs.

He has served on the school board in Belleville and the town council, and he was on the staff of former congressman Bill Pascrell.

Vélez said his win is a testament to hard work.

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“We ran on getting back to the basics, the quality of life. Talking about responsible development and just talking about getting back to the priorities of working people,” Vélez said.

Incumbent Michael Melham faced backlash for his handling of a massive warehouse fire that shut down schools for more than a week.

There has been growing pessimism in town, highlighted by the massive 14-alarm warehouse fire this month that caused residents to evacuate and schools to shut down for days.

Parents and educators wrote a joint letter critical of Melham and school leadership for failing to communicate with parents during the emergency.

“In the hours and days following the fire, our community was left navigating uncertainty with little or no official instruction, resorting to group chats and scavenging social media for guidance or information, both of which should have been provided by the government that we entrust for such tasks,” the letter read in part.

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Vélez said he’s ready to get to work.

“I feel grateful. I am humbled, and I’m just- just so ready to get to work as the next mayor of Belleville. And I’m so grateful to everyone for support. This was a resounding victory,” Vélez said.

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NYC to MetLife round-trip bus fares for World Cup ticket holders slashed by 75%: report

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NYC to MetLife round-trip bus fares for World Cup ticket holders slashed by 75%: report


Round-trip bus fares for fans attending the 2026 FIFA World Cup have been cut by 75% as officials scrambled to secure backup transportation between the Big Apple and New Jersey, a new report said.

The New York/New Jersey host committee slashed fares from $80 to $20 for ticket holders traveling from three Manhattan locations to MetLife Stadium in East Rutherford, NJ — and boosted capacity from 10,000 to 18,000 seats by adding yellow school buses for the eight World Cup games, The Athletic reported.

Buses will shuttle up to 18,000 people on non-school matchdays, and about 12,000 on school-day games between June 13 and July 19. 

The New York/New Jersey host committee slashed fares from $80 to $20 for ticket holders traveling from three Manhattan locations to MetLife Stadium. Christopher Sadowski for NY Post

The steep price cut comes after New York Gov. Kathy Hochul pumped $6 million into hacking down fares – with the investment setting aside about 20% of bus tickets for state residents who have purchased match tickets, the outlet reported.

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Sources familiar with ticket sales told the Athletic that about 25% to 30% of tri-state area residents have already scooped up admissions for games at MetLife Stadium.

Alongside the major investment, Highland Fleets, which manages electric school bus fleets, worked with the New York City School Bus Umbrella Services – after contacting Hochul, the committee, and NYC Mayor Zohran Mamdani – to secure additional buses, with about 300 hitting the road on peak matchdays.

The transit rides will leave from the Port Authority Bus Terminal, a Midtown east location east of Grand Central Terminal, and a Midtown North location west of Central Park, the outlet reported.

Highland Fleets chief operating officer Ben Schutzman said the goal was to create “affordable and accessible” bus services during the World Cup, while a Mamdani spokesperson praised the mayor’s support for discounted rides for ticketholders.

Capacity was boosted from 10,000 to 18,000 seats by adding yellow school buses for the eight World Cup games. Christopher Sadowski
The steep price cut comes after New York Gov. Kathy Hochul pumped $6 million into hacking down fares. Anadolu via Getty Images

“Mayor Mamdani supports any effort that makes transportation more affordable for New Yorkers – including reduced-cost buses for World Cup ticketholders,” the mayor’s rep told the outlet.

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“We look forward to rolling out additional free and affordable events to ensure that all New Yorkers can enjoy the World Cup.”

The price-slashing effort comes days after New Jersey Transit trimmed its widely slammed World Cup fare hike by 30% after securing funding from “sponsors and other sources.”

The eight games being played at the Garden State stadium are set for June 13, June 16, June 22, June 25, June 27, June 30, July 5, and July 19.  Christopher Sadowski for NY Post

The new price will be set at $105 for a round-trip ticket from Manhattan to MetLife after fares were bumped more than 1,000% from the standard $12.90 ticket to a whopping $150.

The eight games being played at the Garden State stadium are set for June 13, June 16, June 22, June 25, June 27, June 30, July 5, and July 19. 

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