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Sonnet BioTherapeutics Stockholders Approve Merger with Hyperliquid Strategies
Sonnet BioTherapeutics announced that its stockholders approved, among other things, the proposed business combination with Hyperliquid Strategies and Rorschach I at its special meeting of stockholders. The final voting results for the special meeting will be filed in a Form 8-K with the U.S. Securities and Exchange Commission.
Sonnet BioTherapeutics and Spanios Partner for Non-Clinical Research on SON-1010
Sonnet BioTherapeutics Holdings is collaborating with Spanios on a non-clinical study using New Alternate Methodologies-based patient-derived tumoroid platforms that emulate the tumor microenvironment ex vivo to evaluate the effect of SON-1010 in soft tissue sarcoma. The study aims to speed up the development of treatments for patients with rare and difficult-to-treat cancers. This study utilizes Spanios' advanced patient-derived tumoroid COMPASS platform, which is engineered to closely replicate the TME, along with physiological oxygenation that can influence cancer progression and treatment response. In contrast to conventional preclinical models-often based on animal testing and less representative of human biology-patient-derived tumoroids preserve the distinct genetic and environmental attributes of individual tumors. By replicating the different pH and oxygen concentrations ex-vivo, using our COMPASS platform with our NAM-based methodology, we seek to enhance the understanding of SON-1010's efficacy against cancer cells. This approach is anticipated to yield more accurate and dependable predictions regarding the clinical performance of SON-1010 therapy. Through the integration of these innovative techniques, Sonnet intends to expedite the development of effective therapies for multiple rare and difficult-to-treat cancers, ultimately providing new options for patients with limited treatment paradigms.
Sonnet BioTherapeutics releases 'What This Means' investor segment
Sonnet BioTherapeutics announced the release of a Virtual Investor "What This Means" segment. As part of the segment, Dr. Richard Kenney, CMO discussed its recent update on its SB221 clinical trial including that enrollment of the expansion group using the highest maintenance dose from the monotherapy study has been completed, two of the three patients in the E6 does escalation cohort had partial responses, and this provides an opportunity to study the safety of the combination in a larger population. Sonnet expects to get a preliminary efficacy readout later this year. Additionally, Dr. Kenney discussed adding an E7 cohort using a maintenance dose of 1500 ng/kg to study its safety and effectiveness before proceeding to the randomized Phase 2a portion next year, which will evaluate PROC patients at one of the two highest doses compared to the standard of care, following the dose recommendation from the Safety Review Committee.
Sonnet BioTherapeutics expands clinical evaluation of SON-1010 dose escalation
Sonnet BioTherapeutics (SONN) announced the expansion of its clinical study of patients with platinum-resistant ovarian cancer, PROC, SB221. SB221 is a Phase 1b/2a dose-escalation and proof-of-concept study of the combination of SON-1010, IL12-FHAB, with atezolizumab, which is provided by Genentech, a member of the Roche Group (RHHBY). Enrollment of the expansion group using the highest maintenance dose from the monotherapy study has been completed, providing an opportunity to study the safety of the combination in a larger population and get a preliminary efficacy readout later this year. A second partial response based on GCIG criteria was recently observed at the 2-month timepoint and confirmed by RECIST criteria 2 months later in a patient with PROC at that dose. Thus, 2 of the 3 patients at the E6 dose of SON-1010 had a significant tumor response. Given the strong safety profile at the top dose, the Safety Review Committee recommended adding an E7 cohort using a maintenance dose of 1500 ng/kg to study its safety and effectiveness before proceeding to the randomized Phase 2a portion, which will evaluate patients with PROC at one of the two highest doses compared to the standard of care.
Sonnet BioTherapeutics enters $888M business combination with Rorschach I
Sonnet BioTherapeutics announced that it has entered into a definitive agreement for a business combination with Rorschach I LLC, a newly-formed entity formed by an entity affiliated with Atlas Merchant Capital LLC, an affiliate of Paradigm Operations LP, and additional sponsors, to transform its business by building a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain. At the closing of the Business Combination, the newly-created entity is to be named Hyperliquid Strategies, which is expected to hold approximately 12.6M HYPE tokens, representing $583M in value and gross cash invested of at least $305M, for a total assumed closing value of $888M. The transaction includes participation by prominent strategic investors, including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. HSI is expected to remain listed on the Nasdaq Capital Market under a new ticker symbol and become a public cryptocurrency treasury company upon the closing of the Business Combination. In addition to the $583M of HYPE value contributed, the gross cash proceeds of $305M at the closing of the Business Combination will enable HSI to acquire significantly more HYPE, creating one of the top strategic reserves of the HYPE token. Additionally, upon closing of the Business Combination, Bob Diamond, Co-founder and CEO of Atlas, will be named Chairman of the Board and David Schamis, CIO and Co-founder of Atlas, will be named Chief Executive Officer of HSI. The parties also expect to appoint a new Chief Financial Officer and that new members will be added to the Board, including Eric Rosengren, former President of the Boston Fed, in addition to two of Sonnet's current independent directors. At the closing of the Business Combination, HSI will enter into a Sponsor Advisory Agreement with Rorschach to help expand the company's business operations through the integration of HYPE into its treasury management strategy.
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