Soleno Therapeutics Announces Proposed Public Offering of Common Stock
May 02 2024 - 3:01PM
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 an additional
number of shares of common stock equal to 15% of the aggregate
number of shares of its common stock sold in the public offering.
The public 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.
Piper Sandler and Guggenheim Securities are acting as the joint
book-running managers for the public offering.
Soleno intends to use the net proceeds from this offering to
fund its current research and development efforts primarily focused
on advancing its lead candidate, DCCR tablets for the treatment of
Prader-Willi Syndrome (PWS), 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, though the
company does not have agreements or commitments for any specific
acquisitions at this time.
The securities described above relating to the public offering
are being offered by Soleno pursuant to a registration statement on
Form S-3ASR (File No. 333-276344) previously filed with, and
automatically declared effective by, the Securities and
Exchange Commission (the "SEC") on January 2, 2024. A
preliminary prospectus supplement and accompanying prospectus
relating to this offering will be filed with the SEC. When
available, copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
from Piper Sandler & Co., 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, Attention: Prospectus Department, by
telephone at (800) 747-3924, or by email at prospectus@psc.com; or
Guggenheim Securities, LLC, Attention: Equity Syndicate
Department, 330 Madison Avenue, 8th Floor, New York,
NY 10017, by telephone at (212) 518-9544, or by email
at GSEquityProspectusDelivery@guggenheimpartners.com. Electronic
copies of the preliminary prospectus supplement and accompanying
prospectus will also be available on the website of
the SEC at www.sec.gov. The final terms of the
public offering will be disclosed in a final prospectus supplement
to 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.
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, DCCR (diazoxide choline) extended-release
tablets, a once-daily oral tablet for the treatment of Prader-Willi
syndrome, recently completed its Phase 3 development program to
support a planned NDA submission.
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, the Company's intention to grant the underwriters
a 30-day option to purchase additional shares, 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 Annual Report on Form 10-K for the year
ended December 31, 2023, prior press releases and in other filings
and reports filed 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 RitchieLifeSci Advisors, LLC212-915-2578
Soleno Therapeutics (NASDAQ:SLNO)
Historical Stock Chart
From Apr 2024 to May 2024
Soleno Therapeutics (NASDAQ:SLNO)
Historical Stock Chart
From May 2023 to May 2024