Chanticleer Holdings (NASDAQ:BURG) reported a merger Thursday with Sonnet BioTherapeutics.
Chanticleer operates out of Charlotte, North Carolina and Princeton, New Jersey, and announced the merger Thursday. Chanticleer owns, operates and franchises fast casual and full-service restaurant brands, including American Burger Company, BGR – Burgers Grilled Right, Little Big Burger, Just Fresh and Hooters.
Sonnet is a privately-held clinical stage biopharmaceutical company developing innovative targeted biologic drugs.
Says CEO Mike Pruitt, "The transaction with Sonnet comes after a thorough review of Chanticleer’s current operations and strategic alternatives.
"The decision by our management and board to choose Sonnet to be our merger partner will allow our shareholders to participate in a dynamic company with a robust pipeline, backed by a sizeable commitment from an institutional investor to continue the development of the drug candidates."
Sonnet’s proprietary FHAB™ (Fully Human Albumin Binding) technology utilizes a fully human single chain antibody fragment linked to either one or two therapeutic molecules capable of affecting targeted single- or bi-specific mechanisms of action.
As its name suggests, the FHAB construct contains a domain that binds to and “hitch-hikes” on human serum albumin for transport to tumors and sites of inflammation, as well as extending therapeutic half-life.
Upon completion of the merger, Chanticleer will change its name to Sonnet BioTherapeutics Holdings, Inc. and the existing Sonnet board will lead the merged company and Dr. Pankaj Mohan will serve as the Chairman and Chief Executive Officer.
BURG shares gained 43 cents, or 5.2%, Friday to 87 cents.
