New Jersey
Sonnet BioTherapeutics to Receive Non-Dilutive Funding Through New Jersey Tax Certificate Transfer and Australia R&D Tax Incentive Programs
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.
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
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
New Jersey
Sherrill Announces that Lisa Asare will Continue as President and CEO of the NJ Maternal & Infant Health Innovation Authority – Insider NJ
Governor-elect Mikie Sherrill today announced that Lisa Asare will continue as the President and CEO of the NJ Maternal & Infant Health Innovation Authority, and the position will remain in the Gov.-elect’s cabinet. Lisa Asare brings a depth of experience to the role, having held previous positions as Deputy Commissioner of Health Services within the New Jersey Department of Human Services and as Assistant Commissioner of the Division of Family Health Services at the New Jersey Department of Health.
“I have asked Lisa Asare to continue her strong leadership at NJ Maternal & Infant Health Innovation Authority as New Jersey continues to confront the Black Maternal Health crisis. She is known for her ability to bring state government together with practitioners, community partners, and local advocates to develop solutions that improve affordable access to care and health outcomes for women. Together, we’ll invest in programs that build the midwife and doula workforce, and leverage telehealth and remote monitoring services, both during and after pregnancy, to support postpartum moms and healthy infants,” said Governor-elect Mikie Sherrill.
“I am honored to continue to lead the NJ Maternal & Infant Health Innovation Authority. At MIHIA, we are focused not only on delivering physical care, but addressing the social determinants of health, expanding the perinatal workforce, supporting research and data collection, and acting as an incubator for innovation in maternal and infant health. I’m looking forward to continuing to advance this work as part of the Sherrill-Caldwell administration because I know the Governor-elect is committed to these same goals and has already demonstrated that community members have a seat at the table as we work to address healthcare disparities for communities of color across the state,” said Lisa Asare.
Governor-elect Sherrill highlighted the need to address maternal healthcare disparities throughout her campaign for governor and is committed to delivering on those promises. She sat down with moms, providers, community leaders, and advocates at roundtables across the state to pinpoint the key issues state government must address. Specifically, the Sherrill-Caldwell administration will work to build a culturally competent workforce, including doulas and nurse midwives, and ensure that students of color have access to these training programs. Additionally, the administration plans to invest in telehealth services, remote monitoring, and home visiting programs immediately after pregnancy to support postpartum outcomes and healthy infants.
Lisa Asare is the President and Chief Executive Officer of the NJ Maternal and Infant Health Innovation Authority, a position she was appointed to in March 2024. Prior to this appointment, Ms. Asare served as Deputy Commissioner of Health Services within the New Jersey Department of Human Services. In this role, she oversaw the Division of Medical Assistance and Health Services that administers NJ FamilyCare and the Division of Mental Health and Addiction Services. She also served as the Department lead on First Lady Murphy’s Nurture NJ maternal health initiative.
Ms. Asare previously worked as the Assistant Commissioner of the Division of Family Health Services at the New Jersey Department of Health, for more than 20 years. She redesigned the Division’s approach to addressing black infant mortality and maternal mortality, contributed to the NurtureNJ strategic plan, addressed the social determinants of health by collaborating with other state agencies and non-traditional partners, and leveraged additional state, federal, and philanthropic funding to address emerging issues and the COVID-19 pandemic.
New Jersey
Keefe | POST-RAW 1.6.26 | New Jersey Devils
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New Jersey
Crime in N.J. keeps dropping, Murphy says. See the new stats on shootings, car thefts.
As he enters his final weeks in office, Gov. Phil Murphy on Tuesday touted a decline in crime across New Jersey.
Speaking at a court and police building in East Rutherford, Murphy said there were 559 shooting victims statewide last year, a 28% decline compared to the previous year.
Of the 559 victims, 107 were fatalities.
At the start of his term, more than 1,300 people were shot annually, Murphy said. The 2025 reduction marks the fourth consecutive year of declines in gun violence injuries.
“That’s not to say we are perfect,” Murphy said. “Because the objective is to get it down to zero.”
Motor vehicle thefts also dropped in 2025 — from 15,041 to 13,693 — according to New Jersey State Police statistics. That was a 9% decrease.
Murphy signed legislation in July 2023 that increased criminal penalties for auto theft offenders, focusing on repeat offenses and large-scale automobile trafficking.
“While there is more work to be done, this moment underscores the strength of the tools, practices and initiatives that have been put in place during the Murphy administration to protect residents and support lasting public safety across our state,” Lt. Gov. Tahesha Way said.
State Attorney General Matthew Platkin attributed the decline in crime to treating gun violence as a public health issue.
“That happened because of a sustained commitment to treating gun violence like the public health crisis it is,” Platkin said.
Platkin also cited drops in shootings in New Jersey’s largest cities, including Paterson, which saw a state police takeover after a corruption scandal. Shootings in the city fell to 42 last year from 127 the year before, he said.
Newark Mayor Ras Baraka said his city also saw historic lows in shootings and murders, with killings dropping to 31 last year, a 19% decrease from the previous year.
“Even as we laud our accomplishments, and we have many to talk about, we still have people who have been victimized in our city,” Baraka said last week.
State officials lauded local gun violence interruption groups as integral to the reduction.
“These groups are doing good and important work,” Platkin said.
Murphy said the coalitions often engage communities in ways law enforcement cannot.
“They’re on the streets, they know the community unlike any of us,” Murphy said. “They know it better than law enforcement. They know it better than elected officials.”
New Jersey’s acting State Police superintendent, Lt. Col. David Sierotowicz, said the reduction in crime was the result of collaboration between multiple government agencies and community partnerships.
“These reductions in crime represent more than statistics — they represent lives saved,” Sierotowicz said.
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