Sonnet BioTherapuetics Holdings, Inc., (Nasdaq: SONN), formerly
known as Chanticleer Holdings, Inc., (the “Company”), a
biopharmaceutical company developing innovative, targeted biologic
drugs with enhanced single or bispecific mechanisms of action,
today announced that its merger with Sonnet BioTherapeutics, Inc.
(“Sonnet”) closed April 1, 2020. The combined company will operate
under the name Sonnet BioTherapeutics Holdings, Inc., and its
shares will commence trading on the Nasdaq Capital Market on April
2, 2020, under the ticker symbol “SONN”.
Pursuant to the merger, all of Sonnet’s
outstanding shares of common stock and securities convertible into
or exercisable for Sonnet’s common stock were converted into the
Company’s common stock and securities convertible into or
exercisable for the Company’s common stock. As a result of the
merger, approximately 9,202,000 shares of the Company were
outstanding as of April 1, 2020, after taking into account the
previously announced 26-for-1 reverse stock split that became
effective on April 1, 2020. Sonnet will operate as a wholly-owned
subsidiary of the Company.
Immediately prior to the merger, Sonnet
completed a private placement financing resulting in gross proceeds
of $19 million under the terms of the securities purchase agreement
previously announced in February 2020. In addition, immediately
prior to the merger, Sonnet completed its acquisition of the global
development rights for Atexakin Alfa (low dose formulation of
Interleukin-6, IL-6, now “SON-080”) from Relief Therapeutics SA
(“Relief”), through the issuance of shares of Sonnet common stock
that converted into an aggregate of 757,933 shares of Company
common stock in the merger. The Company will pursue the clinical
development of SON-080 for the treatment of Peripheral Neuropathies
focusing primarily on Chemotherapy-Induced Peripheral Neuropathy
(CIPN).
In addition, in connection with the merger, the
Company completed the spin-off of its restaurant operations to
Amergent Hospitality Group, Inc. on April 1, 2020.
Pankaj Mohan, Ph.D., the Company’s Chief
Executive Officer and the founder of Sonnet, commented, “The
closing of the merger transaction signifies an important milestone
for Sonnet. We are excited about the funding that we have secured
through respected institutional biotech investors which we believe
will enable us to advance our pipeline and clinical programs.”
John Cini, Ph.D., the Company’s Chief Scientific
Officer and a co-founder of Sonnet, added, “We are now at a point
where we can advance the execution of our platform, which we
believe can generate a new wave of immune therapeutics for cancer
indications, with the potential to expand to other disease areas.
We believe our proprietary platform is distinguished by its ability
to target drug delivery to the area of therapeutic need while also
providing higher residence time in the body. Together, we believe
these features have the potential to enable therapeutics to treat
cancer and other diseases in a way that provides high efficacy with
low toxicity.”
A Current Report on Form 8-K containing more
detailed information regarding the merger transaction and the
Company’s financing will be filed with the Securities and Exchange
Commission.
About Sonnet BioTherapeutics Holdings,
Inc.
Founded in 2011, Sonnet is an oncology-focused
biotechnology company with a proprietary platform for innovating
biologic drugs of single or bispecific 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. 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 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.
Sonnet Biotherapeutics Investor
ContactAlan LadaSolebury
Trout617-221-8006alada@soleburytrout.com
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