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
It was a first for South Amboy police Sgt. David Kales and patrolmen Mark Lewis and Paul Noble on Tuesday, Dec. 5, 2000 when they helped deliver a baby.
Less than two minutes after arriving at a Washington Avenue home on the report of a woman in labor, Jeriel was born to Jennifer Llibre, with an assist by the three city cops.
Here’s a look at events that happened in Central Jersey from five, 10, 25, 50 and 100 years ago this week.
Five years ago
Dec. 3, 2020: It was reported Ray Cipperly Field at Middlesex County Vocational and Technical Schools’ East Brunswick campus had been named the 2020 Schools and Parks Baseball Field of the Year by the Sports Turf Managers Association, a nonprofit professional organization for men and women who manage sports fields worldwide.
Dec. 4: In a statement, it was announced Gov. Phil Murphy, Senate President Stephen Sweeney, Assembly Speaker Craig Coughlin and bill sponsors Sen. Nick Scutari and Assemblywoman Annette Quijano had reached a deal on bills that would establish a framework for a legal weed industry, setting up a key vote in the coming weeks.
Dec. 4: Six NJ hospitals ― Hackensack University Medical Center, Morristown Medical Center, University Hospital in Newark, Robert Wood Johnson University Hospital in New Brunswick, AtlantiCare Regional Medical Center in Atlantic City and Cooper University Hospital in Camden ― were selected to receive the first COVID-19 vaccines, it was reported.
Dec. 4: It was reported Juan Hector Padilla, 29, of Bound Brook, was indicted in connection with a seven-alarm fire that damaged two apartment buildings under construction on West Main Street in Bound Brook in January 2020.
Dec. 7: Hillsborough had become a “Stigma-Free Community,” a campaign, an initiative of the Somerset County Department of Human Services, to raise awareness of the importance of mental health and create an environment where people feel free to seek support without fear of being stigmatized, it was reported.
Dec. 7: State officials said an unidentified resident at the Menlo Park veterans home died over the weekend from COVID-19 ― the first death at one of the state-run veterans homes in 180 days.
Dec. 7: It was reported celebrity chef David Burke would open Orchard Park, his fourth restaurant to open during the pandemic, on Tuesday, Dec. 8, 2020, at the Chateau Grande Hotel in East Brunswick.
10 years ago
Dec. 2, 2015: Appearing on ABC News’ “Good Morning America,” Gov. Chris Christie defended his hard-line opposition to relocating Syrian refugees to NJ and said former Gov. Thomas Kean ― his latest critic on the issue ― was all wrong.
Dec. 3: A day after 14 people were killed in a mass shooting in California, lawmakers failed to override Gov. Chris Christie’s veto of a gun-control bill by just three votes.
Dec. 3: The Westfield High School football team beat Bridgewater-Raritan, 10-7, in a sectional final at MetLife Stadium in East Rutherford.
Dec. 5: George Clinton and the Parliament Funkadelic with TL Shider, Garden State Line, Midnight Mosaic and Underground Logic, performed at Starland Ballroom in Sayreville.
2000
Dec. 2, 2000: About 70 supporters of Texas Gov. George W. Bush rallied outside the Somerset County Courthouse in Somerville on behalf of his claim to the presidency.
Dec. 3: Two divorcing parents ― Jim Price of Raritan Borough and Jennifer Price of Clinton ― who were battling over the circumcision of their 3-year-old son, would appear on Monday, Dec. 4, 2000, in Superior Court in Somerville for a hearing ordered by the Supreme Court to determine whether the surgery should go forward, it was reported.
Dec. 6: In women’s college basketball, Rutgers University beat Virginia Tech, 61-53.
Dec. 7: It was reported Dave Keyes and his band, winners of the W.C. Handy National Blues Talent Search, would perform at Old Bay Restaurant in New Brunswick.
1975
Dec. 2, 1975: U.S. District Court Judge Frederick B. Lacey, sitting in Newark, issued the go-ahead for the planned public deer hunt scheduled for the next week in the Great Swamp National Wildlife Refuge in Passaic Township.
Dec. 3: Many milk drivers continued on a “business as usual” basis in Middlesex and Somerset counties, in spite of a strike of 880 union drivers.
Dec. 4: Several homes in South Amboy were showered with kerosene after a United Airlines jet with 120 passengers on board jettisoned 40,000 gallons of fuel when an engine caught fire. The plane returned to Newark International Airport safely, with no injuries.
Dec. 5: In Elizabeth, Edward Nolan and Robert Madurski, defendants in a case involving the theft of $4 million worth of home heating oil from the Exxon Bayway Refinery in Linden, received suspended prison sentences and were fined $1,000 each.
Dec. 5-7: “Bye Bye Birdie” was presented at Middlesex County College Performing Arts Theater in Edison.
Dec. 6: In college basketball, Phil Sellers scored 36 points and Mike Dabney added 21 as Rutgers beat Seton Hall’s Pirates, 119-93, at Rutgers Gym in New Brunswick, setting a Rutgers Gym record for most points by one team.
1925
Dec. 2, 1925: In basketball, St. Peter’s Lyceum beat the Maroon and Gray quintet of South River, 36-27.
Dec. 2-3: The movie, “Thunder Mountain,” a dramatic story of the Blue Ridge Mountains, was shown at Reade’s Strand Theatre in Perth Amboy.
Dec. 4-5: The movie, “The Half Way Girl,” starring Doris Kenyon and Lloyd Hughes, was shown at Reade’s Strand Theatre in Perth Amboy.
Dec. 6: Fire of an unknown origin started in the south wing of Winants Hall on the Queens Campus of Rutgers University in New Brunswick, for the second time within a month. Students helped firemen fight the fire.
Dec. 6: The New Brunswick Soccer Club won the first half championship in the Capital City Soccer League at Buccleuch Park in New Brunswick by beating the Highlanders of Trenton, 3-1.
Brad Wadlow is a staff writer for MyCentralJersey.com
New Jersey
Mom of NJ teen killed outside NYC ax-throwing bar claims booze, lax security led to her son’s death
Abundant booze and lax security set the stage for the fatal 2023 stabbing of a New Jersey high school football player outside an NYC ax-throwing bar, his mother contended in new court papers.
Rocco Rodden, 17, was knifed in the heart on Nov. 23, 2023 outside Live Axe in TriBeCa by Long Islander Gianluca Bordone, who admitted to the killing in court but was acquitted of manslaughter and assault charges in the case.
Rodden’s mother Angelina claimed Live Axe, security company Burns Consulting and others, including bartenders, promoters and a limousine company, set up a perfect storm the night her son was slain.
The companies “failed to provide wristbands to people old enough to drink” and “were required to check the identification documents of all individuals entering the venue, but failed to do so,” she said in her Nov. 21 Manhattan Supreme Court papers, which also name Bordone as a defendant.
The poor security also allowed Bordone, who was 19 at the time of the attack, to bring a pocket knife to the Lafayette Street bar, she alleged.
Bordone, of Oyster Bay, claimed he feared for his life as a group that included the victim chased him down the street and began beating him.
“I was afraid that they would get me to the floor, stomp me, kill me, hit me with the bottle that I had seen before,” he said on the witness stand, according to Newsday.
Bordone also allegedly stabbed Rodden’s older brother, Anthony, outside the bar — where all three were attending a private party, authorities had said.
“It is quite possible that Bordone could have killed Anthony Rodden due to his tortious conduct,” the mother said in the lawsuit, which seeks unspecified damages.
The promotors, security and others hired to work the event also failed to call authorities after the stabbing, she claimed.
Neither Bordone, nor Live Axe owner Zac Segal and promoter Ian Magid, who are each named in the lawsuit, could be reached for comment. A lawyer for security company Burns Consulting denied any wrongdoing.
“Many horrible tragedies do not result in legal liability and this is one of them,” said Burns Consulting attorney Kenneth Belkin. “My heart goes out to the family of Mr. Rodden for their loss, but this is a frivolous lawsuit against my client.
NewJerseyDevils.com is the official web site of the New Jersey Devils, a member team of the National Hockey League (“NHL”). NHL, the NHL Shield, the word mark and image of the Stanley Cup and NHL Conference logos are registered trademarks of the National Hockey League. All NHL logos and marks and NHL team logos and marks as well as all other proprietary materials depicted herein are the property of the NHL and the respective NHL teams and may not be reproduced without the prior written consent of NHL Enterprises, L.P. Copyright © 1999-2025 New Jersey Devils and the National Hockey League. All Rights Reserved.
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