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
New Jersey winemaker says drought helps the grapes, but he’s grateful for the rain this week
The much-anticipated rain finally made its way into the Philadelphia region this week.
For many gardens, nurseries and farms, the rain was needed.
But in Hammonton, New Jersey, Sharrott Winery says the drought wasn’t all that bad.
Sprawling on 34 acres, 22 of those under vine, the owner of the South Jersey winery says the drought conditions actually helped their vines.
Owner and winemaker Larry Sharrott said in the spring, the rain helped their vines grow.
Come August, the rain tapered off and the dry weather from there on out was used to their advantage.
“For grapes, if it’s dry starting in August and then running through the entire harvest season, that’s really good,” Sharrott said. “It helps concentrate the juice basically, so especially with red wine it makes a much more robust red wine. They take on much nicer fruit flavors.”
Sharrott said the team was also happy when it finally rained after the long stretch.
He said it was perfect timing because the vines could use a boost of hydration.
“But the fact that we have some rain now is really good for the vines because at this point they really need a good drink so they can begin shutting down for winter. We want them to be nice and hearty by the time we get the cold January and February temperatures,” he said
And if you are looking on the bright side, too, Sharrott say they are looking forward to future wines.
“We are going to have some great wines in a couple years when these come out of barrel,” he said.
New Jersey
Justice Department finds pattern of misconduct by Trenton Police
From Camden and Cherry Hill to Trenton and the Jersey Shore, what about life in New Jersey do you want WHYY News to cover? Let us know.
The Justice Department said Trenton’s police department have made arrests without legal basis, officers have escalated situations with aggression and used pepper spray unnecessarily.
The results of the yearlong investigation were contained in a 45-page report released Thursday morning during a virtual press conference with U.S. Attorney for New Jersey Philip Sellinger and Assistant Attorney General Kristen Clarke from the Justice Department’s Civil Rights Division.
“The people of Trenton deserve nothing less than fair and constitutional policing,” Sellinger said. “When police stop someone in Trenton, our investigation found that all too often they violated the constitutional rights of those they stopped, sometimes with tragic consequences.”
Maati Sekmet Ra, co-founder of the Trenton Anti-Violence Coalition, said she is not surprised about the Justice Department’s findings.
“You cannot talk about violence that happens and occurs in a place like Trenton without talking about police violence,” she said. “Police have historically brutalized, harassed and now it’s proven that they’re violating the civil rights of folks who live in Trenton.”
Officers violate the 4th Amendment in 2 areas
The two main findings of the report are that Trenton officers use excessive force and conduct warrantless traffic stops, searches and arrests. Both violate the Fourth Amendment to the United States Constitution.
According to the report, officers reported using force in 815 incidents between March 2020 and December 2023. The majority of them involved physical force; pepper spray was used by officers 120 times. A firearm was used once.
In one incident mentioned during the press conference, a 64-year-old man died from respiratory failure after he was sprayed in the face with pepper spray. Officers went to the man’s house to arrest his son who was involved in an earlier domestic incident.
The man, who was not involved in the incident, met with officers outside his front door informing them they would not be allowed in his house without a warrant. As they waited for a supervisor to come to the scene, one of the officers escalated the conversation, taunting the father and son, according to the federal report.
The officer said the son was “talking like he was ‘retarded’ and asking if the father was ‘crazy,’” according to the report. The language the officer used according to the report is considered outdated and a slur toward people with mental disabilities.
As the father was about to re-enter his house, an officer threw him across the porch, against the railing and slammed him face down on the porch steps. As officers were arresting the father, another officer sprayed him in the face.
“The officer who escalated the encounter inaccurately reported that the father physically presented a ‘threat/attack’ to the officer,” the report stated. “He also claimed that he grabbed the father because he feared that a dog inside would come out—a factor that no other officer mentioned and that video footage discredited.”
The father died 18 days after the incident.
New Jersey
Light snow forecast expands to nearly half of N.J. after rain, high winds today
A cool, damp day is in store for New Jersey with rain during the day and northwestern areas of the state getting a dusting of snow at night, forecasters say.
Rain totals have been dialed back but Thursday’s moisture is “still a generous and much needed precipitation event,” especially for North Jersey, the National Weather Service said in its morning forecast discussion.
“The signal remains clear that the heaviest rain will fall across our northern zones with considerably less to the south, but overall, forecast precipitation has diminished slightly.”
By the time the last of the moisture pushes away from the state on Friday night, precipitation amounts will range from 1.5-2 inches in northwestern regions to a tenth to quarter inch in southern New Jersey. Central portions of the state should wind up with a half-inch to an inch of rain.
Overall, the rain will help New Jersey’s drought, but won’t come close to alleviating it.
“The drought is much too extensive and too significant to be resolved by one storm,” AccuWeather.com said.
The other story Thursday will be gusty winds that could reach as high as 25 mph inland and 40 mph along the Jersey Shore.
Rain will be mainly light, though heavier showers are possible at times, according to the weather service’s New York office, which covers Bergen, Essex, Hudson, Passaic and Union counties.
High temperatures will top out in the low 50s around mid-afternoon.
Rain will change to light snow tonight in northern New Jersey with less than an inch expected in general. Hilly areas in Sussex and parts of Passaic counties could see slightly higher totals. Lows will be in the 30s.
Some scattered light rain is expected Friday before it tapers off at night from west to east, according to forecasters. It’ll be a chilly, breezy day with highs only in the 40s before temps dip into the 30s overnight.
Dry weather returns for the weekend with mostly sunny conditions and highs in the low 50s both days. The forecast is the almost the same for Monday and Tuesday, though temps will be slightly warmer.
Current weather radar
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Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com.
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