SLNO Soleno Therapeutics Inc.

1.79
-0.11  -6%
Previous Close 1.9
Open 1.92
52 Week Low 1.18
52 Week High 4.39
Market Cap $142,411,100
Shares 79,559,274
Float 62,269,948
Enterprise Value $134,816,435
Volume 261,636
Av. Daily Volume 1,256,499
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Drug Pipeline

Drug Stage Notes
Diazoxide Choline Controlled-Release (DCCR) - DESTINY PWS
Prader-Willi syndrome (PWS)
Phase 3
Phase 3
Phase 3 trial did not meet its primary endpoint - June 8, 2020.

Latest News

  1. REDWOOD CITY, Calif., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. ("Soleno") (NASDAQ:SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today provided a corporate update, and reported financial results for the second quarter and six months ended June 30, 2020.

    Second Quarter 2020 and Recent Corporate Highlights

    • Announced top-line results from Phase III DESTINY PWS (C601) study evaluating once-daily Diazoxide Choline Controlled-Release (DCCR) tablets for patients with Prader Willi Syndrome (PWS)
      • Study did not meet statistical significance for primary endpoint, but showed significant improvements in prespecified subgroup with severe hyperphagia
      • Significant positive…

    REDWOOD CITY, Calif., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. ("Soleno") (NASDAQ:SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today provided a corporate update, and reported financial results for the second quarter and six months ended June 30, 2020.

    Second Quarter 2020 and Recent Corporate Highlights

    • Announced top-line results from Phase III DESTINY PWS (C601) study evaluating once-daily Diazoxide Choline Controlled-Release (DCCR) tablets for patients with Prader Willi Syndrome (PWS)
      • Study did not meet statistical significance for primary endpoint, but showed significant improvements in prespecified subgroup with severe hyperphagia
      • Significant positive changes seen in two of three key secondary endpoints in subjects receiving DCCR as compared to placebo
      • Subjects who have completed DESTINY PWS and enrolled in the open-label extension study (C602) continue to be treated for up to 36 months
        • Interim analysis of subjects who have completed three months of treatment on C602 demonstrated continuing improvements in hyperphagia and other behaviors typical of PWS
      • The safety profile of DCCR in C601 was generally consistent with the known profile of diazoxide and prior experience with DCCR, with no serious unexpected adverse events related to DCCR
      • Soleno intends to meet with regulatory authorities later this year to determine next steps
    • Closed public offering of common stock in June 2020, with net proceeds of approximately $53.7 million
    • Added to Russell 3000® Index

    "We are encouraged by the positive trends observed in the top-line results from our Phase III DESTINY PWS trial evaluating DCCR and will continue to analyze the data from this trial and our ongoing open-label, long-term, safety extension study, C602," said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. "We look forward to meeting with the regulatory authorities later this year to determine the next steps for this promising program. With our recently closed $53.7 million public offering, Soleno is well-capitalized and in a strong operating position, going forward." 

    Financial Results

    Soleno's current research and development efforts are primarily focused on advancing its lead product candidate, DCCR, for the treatment of PWS, through late-stage clinical development.

    Second Quarter Ended June 30, 2020 Financial Results

    Research and development expenses were $6.1 million for the quarter ended June 30, 2020, compared to $3.7 million in the same period of 2019. The increase was primarily due to increased activities related to the DCCR development program.

    General and administrative expense was $2.2 million for the quarter ended June 30, 2020, compared to $1.7 million in the same period of 2019. The increase was primarily related to increased personnel-related costs.

    The change in the fair value of contingent consideration results from Soleno's obligation to make cash payments to Essentialis stockholders upon the achievement of certain future commercial milestones associated with commercial sales of DCCR in accordance with the terms of the Essentialis merger agreement. The fair value was estimated to be approximately $9.4 million as of June 30, 2020, a $2.8 million increase from the estimate at March 31, 2020.

    Total other income was $3.8 million in the three months ended June 30, 2020, compared to other expense of $4.4 million during the three months ended June 30, 2019. The increase was primarily due to a $3.8 million decrease in the fair value of our outstanding warrants during the three months ended June 30, 2020, compared to an increase of $4.3 million during the three months ended June 30, 2019.  

    Net loss for the quarter ended June 30, 2020, was approximately $7.4 million, or a net loss of $0.16 per basic and diluted share, compared to a net loss of approximately $10.0 million, or $0.31 per basic and diluted share, for the quarter ended June 30, 2019.

    Six Months Ended June 30, 2020 Financial Results for Continuing Operations

    Research and development expenses were $12.8 million for the six months ended June 30, 2020, compared to $6.5 million in the same period of 2019.  The increase was primarily due to increased activities related to the DCCR development program.

    General and administrative expense was $4.3 million for the six months ended June 30, 2020, compared to $3.7 million in the same period of 2019. The increase was primarily related to increased personnel-related costs and costs for intellectual property.

    Total Other income was $7.2 million in the six months ended June 30, 2020, compared to other expense of $6.4 million during the six months ended June 30, 2019. The change was primarily due to a $7.2 million decrease in the fair value of our outstanding warrants during the six months ended June 30, 2020, compared to an increase of $6.2 million during the six months ended June 30, 2019.

    Net loss for the six months ended June 30, 2020, was approximately $13.2 million, or $0.29 per share, compared to a net loss of approximately $17.0 million, or $0.54 per share, for the six months ended June 30, 2019.

    As of June 30, 2020, Soleno had cash and cash equivalents of approximately $62.5 million, as compared to $20.7 million at December 31, 2019.  This cash balance includes the proceeds from the public offering that was closed in June.  The net proceeds of the offering were approximately $53.7 million, after deducting the underwriting discount and other offering expenses. 

    About PWS

    The Prader-Willi Syndrome Association USA estimates that one in 12,000 to 15,000 people in the U.S. have PWS. The hallmark symptom of this disorder is hyperphagia, a chronic feeling of insatiable hunger that severely diminishes the quality of life for PWS patients and their families. Additional characteristics of PWS include behavioral problems, cognitive disabilities, low muscle tone, short stature (when not treated with growth hormone), the accumulation of excess body fat, developmental delays, and incomplete sexual development. Hyperphagia can lead to significant morbidities (e.g., stomach rupture, obesity, diabetes, cardiovascular disease) and mortality (e.g., choking, accidental death due to food seeking behavior). In a global survey conducted by the Foundation for Prader-Willi Research, 96.5% of respondents (parent and caregivers) rated hyperphagia as the most important or a very important symptom to be relieved by a new medicine. There are currently no approved therapies to treat the hyperphagia/appetite, metabolic, cognitive function, or behavioral aspects of the disorder. Diazoxide choline has received Orphan Drug Designation for the treatment of PWS in the U.S. and E.U., and Fast Track Designation in the U.S.

    About DESTINY PWS

    DESTINY PWS was a randomized, double-blind, placebo-controlled study of once-daily oral administration of DCCR versus placebo in 127 randomized subjects. Patients who completed DESTINY PWS had the option to enroll into an open-label extension study (C602) and continue treatment with DCCR.

    For further information about C602, the open-lab extension study (/NCT03714373), please visit: www.clinicaltrials.gov.

    About Diazoxide Choline Controlled-Release (DCCR) Tablet

    Diazoxide Choline Controlled-Release tablet is a novel, proprietary extended-release, crystalline salt formulation of diazoxide, which is administered once-daily. The parent molecule, diazoxide, has been used for decades in thousands of patients in a few rare diseases in neonates, infants, children and adults, but has not been approved for use in PWS. Soleno conceived of and established extensive patent protection on the therapeutic use of diazoxide and DCCR in patients with PWS. The DCCR development program is supported by data from five completed Phase I clinical studies in healthy volunteers and three completed Phase II clinical studies, and a Phase III study in PWS patients. In the PWS Phase III study, DCCR showed significant improvements in severe hyperphagia, the hallmark symptom of PWS, several other behavioral symptoms, and body composition.

    About Soleno Therapeutics, Inc.

    Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company's lead candidate, Diazoxide Choline Controlled-Release (DCCR) tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome (PWS), is currently being evaluated in a Phase III clinical development program. For more information, please visit www.soleno.life.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding the Company's expectations concerning, among other things, the impact of the COVID-19 pandemic on our operations and clinical trial. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions, as well as risks and uncertainties inherent in Soleno's business, including those described in the company's prior press releases and in the periodic reports it files with the SEC. The events and circumstances reflected in the company's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, the company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

    Corporate Contact:

    Brian Ritchie

    LifeSci Advisors, LLC

    212-915-2578

    Soleno Therapeutics, Inc.

    Condensed Consolidated Balance Sheets

    (In thousands except share and per share data)

      June 30,

    2020
      December 31,

    2019
     
    Assets (Unaudited)     
    Current assets        
    Cash and cash equivalents $62,499  $20,733 
    Prepaid expenses and other current assets  505   411 
    Total current assets  63,004   21,144 
    Long-term assets        
    Property and equipment, net  17   22 
    Operating lease right-of-use assets  265   398 
    Finance lease right-of-use assets  20   24 
    Intangible assets, net  15,553   16,525 
    Other long-term assets     59 
    Total assets $78,859  $38,172 
    Liabilities and stockholders' equity        
    Current liabilities        
    Accounts payable $3,657  $1,995 
    Accrued compensation  520   283 
    Accrued clinical trial site costs  3,444   1,999 
    Operating lease liabilities  298   305 
    Other current liabilities  444   382 
    Total current liabilities  8,363   4,964 
    Long-term liabilities        
    2017 PIPE Warrant liability  4,230   10,822 
    2018 PIPE Warrant liability  725   1,354 
    Contingent liability for Essentialis purchase price  9,364   5,938 
    Other long-term liabilities     147 
    Total liabilities  22,682   23,225 
    Commitments and contingencies (Note 6)        
    Stockholders' equity        
    Common stock, $0.001 par value, 100,000,000 shares authorized,

      79,560,274 and 44,658,054 shares issued and outstanding at

      June 30, 2020 and December 31, 2019, respectively.
      80   45 
    Additional paid-in-capital  227,145   172,708 
    Accumulated deficit  (171,048)  (157,806)
    Total stockholders' equity  56,177   14,947 
    Total liabilities and stockholders' equity $78,859  $38,172 
             

    Soleno Therapeutics, Inc.

    Condensed Consolidated Statements of Operations

    (unaudited)

    (In thousands except share and per share data)

      Three Months Ended

    June 30,
      Six Months Ended

    June 30,
     
      2020  2019  2020  2019 
    Operating expenses                
    Research and development $6,103  $3,745  $12,798  $6,505 
    General and administrative  2,248   1,695   4,251   3,707 
    Change in fair value of contingent consideration  2,842   183   3,426   389 
    Total operating expenses  11,193   5,623   20,475   10,601 
    Operating loss  (11,193)  (5,623)  (20,475)  (10,601)
    Other income (expense)                
    Change in fair value of warrants liabilities  3,808   (4,267)  7,221   (6,186)
    Loss from minority interest investment     (165)     (355)
    Interest income  1   47   12   104 
    Total other income (expense)  3,809   (4,385)  7,233   (6,437)
    Net loss $(7,384) $(10,008) $(13,242) $(17,038)
    Net loss per common share, basic and diluted $(0.16) $(0.31) $(0.29) $(0.54)
    Weighted-average common shares outstanding used to calculate basic and

      diluted net loss per common share
      46,236,209   31,776,951   45,458,034   31,766,593 
                     

     

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  2. REDWOOD CITY, Calif., June 29, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. ("Soleno") (NASDAQ:SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced that it has been added to the Russell 3000® Index at the conclusion of the Russell indexes annual reconstitution, effective upon the U.S. market open today, June 29, 2020.

    Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate…

    REDWOOD CITY, Calif., June 29, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. ("Soleno") (NASDAQ:SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced that it has been added to the Russell 3000® Index at the conclusion of the Russell indexes annual reconstitution, effective upon the U.S. market open today, June 29, 2020.

    Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

    "We are very pleased to be added to the Russell 3000® Index," said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. "As we continue to advance our program for Diazoxide Choline Controlled Release tablets for patients with Prader-Willi Syndrome, inclusion in this index will enhance investor visibility and increase liquidity in our shares."

    Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

    For more information on the Russell 3000® and Microcap® Indexes and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.

    About Soleno Therapeutics, Inc.

    Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company's lead candidate, Diazoxide Choline Controlled-Release (DCCR) tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome (PWS), is currently being evaluated in a Phase III clinical development program. For more information, please visit www.soleno.life.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding the Company's expectations concerning, among other things, our ability to commercialize DCCR for PWS. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions, as well as risks and uncertainties inherent in Soleno's business, including those described in the company's prior press releases and in the periodic reports it files with the SEC. The events and circumstances reflected in the company's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, the company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

    Corporate Contact:

    Brian Ritchie

    LifeSci Advisors, LLC

    212-915-2578

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  3. REDWOOD CITY, Calif., June 26, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (NASDAQ:SLNO), ("Soleno" or the "Company"), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today the closing of its previously announced underwritten public offering of 34,848,484 shares of its common stock, including 4,545,454 shares sold upon full exercise of the underwriters' option to purchase additional shares, at a public offering price of $1.65 per share. The net proceeds of the offering were approximately $53.7 million, after deducting the underwriting discount and other offering expenses.

    Guggenheim Securities, LLC acted as the sole book-running manager for the offering. Oppenheimer…

    REDWOOD CITY, Calif., June 26, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (NASDAQ:SLNO), ("Soleno" or the "Company"), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today the closing of its previously announced underwritten public offering of 34,848,484 shares of its common stock, including 4,545,454 shares sold upon full exercise of the underwriters' option to purchase additional shares, at a public offering price of $1.65 per share. The net proceeds of the offering were approximately $53.7 million, after deducting the underwriting discount and other offering expenses.

    Guggenheim Securities, LLC acted as the sole book-running manager for the offering. Oppenheimer & Co. Inc. acted as lead manager for the offering, and Laidlaw & Company (UK) Ltd. acted as co-manager for the offering.

    The offering was made pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-232068) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC") on July 23, 2019 and a preliminary prospectus supplement filed with the SEC on June 23, 2020 and a final prospectus supplement filed with the SEC on June 25, 2020. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Guggenheim Securities, LLC. Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-9544, or by email at .

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Soleno Therapeutics, Inc.

    Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The Company's lead candidate, Diazoxide Choline Controlled-Release ("DCCR") tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome ("PWS"), is currently being evaluated in a Phase III clinical development program.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions, as well as risks and uncertainties inherent in Soleno's business, including those described in the company's prior press releases and in the periodic reports it files with the SEC. The events and circumstances reflected in the company's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, the company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

    Corporate Contact:

    Brian Ritchie

    LifeSci Advisors, LLC

    212-915-2578

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  4. REDWOOD CITY, Calif., June 24, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (NASDAQ:SLNO), ("Soleno" or the "Company"), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today the pricing of the underwritten public offering of 30,303,030 shares of its common stock at a public offering price of $1.65. Soleno has also granted the underwriters a 30-day option to purchase up to 4,545,454 additional shares of common stock, at the public offering price, less underwriting discounts and commissions.  The gross proceeds of the offering are expected to be approximately $50 million, before deducting the underwriting discount and other estimated offering expenses. The closing of…

    REDWOOD CITY, Calif., June 24, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (NASDAQ:SLNO), ("Soleno" or the "Company"), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today the pricing of the underwritten public offering of 30,303,030 shares of its common stock at a public offering price of $1.65. Soleno has also granted the underwriters a 30-day option to purchase up to 4,545,454 additional shares of common stock, at the public offering price, less underwriting discounts and commissions.  The gross proceeds of the offering are expected to be approximately $50 million, before deducting the underwriting discount and other estimated offering expenses. The closing of the offering is expected to occur on or about June 26, 2020, subject to the satisfaction of customary closing conditions.

    Guggenheim Securities, LLC is acting as the sole book-running manager for the offering.  Oppenheimer & Co. Inc. is acting as lead manager for the offering, and Laidlaw & Company (UK) Ltd. is acting as co-manager for the offering.

    Soleno currently intends to use the net proceeds from the offering primarily to fund its current research and development efforts primarily focused on advancing its lead candidate, Diazoxide Choline Controlled-Release ("DCCR") tablets for the treatment of Prader-Willi Syndrome ("PWS"), through late-stage clinical development, regulatory approval and market development activities related thereto and to provide for general corporate purposes, which may include working capital, capital expenditures, other clinical trials, other corporate expenses and acquisitions of complementary products, technologies or businesses. However, Soleno does not have agreements or commitments for any specific acquisitions at this time.

    The offering is being conducted by Soleno's shelf registration statement on Form S-3 (File No. 333-232068) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC") on July 23, 2019 and a preliminary prospectus supplement filed with the SEC on June 23, 2020.  A final prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-9544, or by email at

    Before investing in the offering, you should read the prospectus supplement and the accompanying prospectus, and the other documents that Soleno has filed with the SEC that are incorporated by reference in the prospectus supplement and the accompanying prospectus, in their entirety, which provide more information about Soleno and the offering.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The offering will be made only by means of a prospectus supplement and the accompanying prospectus that forms a part of the registration statement.

    About Soleno Therapeutics, Inc.

    Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The Company's lead candidate, Diazoxide Choline Controlled-Release ("DCCR") tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome ("PWS"), is currently being evaluated in a Phase III clinical development program. 

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding the Company's expectations on the completion, timing and size of the proposed public offering and the anticipated use of proceeds therefrom. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks and uncertainties inherent in Soleno's business, including those described in the company's prior press releases and in the periodic reports it files with the SEC. The events and circumstances reflected in the company's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, the company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

    Corporate Contact:

    Brian Ritchie

    LifeSci Advisors, LLC

    212-915-2578

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  5. REDWOOD CITY, Calif., June 23, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (NASDAQ:SLNO), ("Soleno" or the "Company"), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today that it intends to offer and sell shares of its common stock in an underwritten public offering.  In addition, Soleno intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

    Guggenheim Securities, LLC is acting as the sole…

    REDWOOD CITY, Calif., June 23, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (NASDAQ:SLNO), ("Soleno" or the "Company"), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today that it intends to offer and sell shares of its common stock in an underwritten public offering.  In addition, Soleno intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

    Guggenheim Securities, LLC is acting as the sole book-running manager for the offering. 

    The securities described above are being offered by Soleno pursuant to a registration statement previously filed with, and declared effective by, the Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement and accompanying prospectus relating to this offering will be filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-9544, or by email at .  Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.

    About Soleno Therapeutics, Inc.

    Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company's lead candidate, Diazoxide Choline Controlled-Release (DCCR) tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome (PWS), is currently being evaluated in a Phase III clinical development program.  

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding the Company's expectations on the completion, timing and size of the proposed public offering and the anticipated use of proceeds therefrom. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks and uncertainties inherent in Soleno's business, including those described in the company's prior press releases and in the periodic reports it files with the SEC. The events and circumstances reflected in the company's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, the company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

    Corporate Contact:

    Brian Ritchie

    LifeSci Advisors, LLC

    212-915-2578 

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