There is some big news coming out of New Jersey after a biotech company announced that the U.S. Food and Drug Administration (FDA) has cleared the company’s Investigational New Drug (IND) application for SON-1010. Shares of Sonnet BioTherapeutics Holding Inc. (NASDAQ:SONN) went flying at the open, as this regulatory nod of approval will allow Sonnet to initiate its First-in-Human Phase 1 trial in adult oncology patients in the second quarter of 2022.
Sonnet BioTherapeutics is a clinical-stage biopharmaceutical company. The company has developed FHAB (Fully Human Albumin Binding) technology which is well suited for drug development across a range of human disease areas, including in oncology, autoimmune, pathogenic, inflammatory, and hematological conditions. The firm's pipeline products include SON-080 (low-dose IL-6), SON-1210 (IL15- FHAB-IL12), SON-1010 (IL12-FHAB), and others.
Traders were extremely optimistic on the news as shares of Sonnet popped to $0.5484/share (+98.94%) at the early session high. This move was the first sign of life for this micro cap as it has been riding a pretty significant downtrend for the last few months.
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