Business
Soleno Therapeutics Announces Pricing of Approximately $15 Million Underwritten Public Offering
REDWOOD CITY, Calif., March 29, 2022 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (Soleno) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company
About this update from Soleno Therapeutics, Inc.
[{"type":"text","content":"REDWOOD CITY, Calif., March 29, 2022 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (Soleno) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced the pricing of an underwritten public offering of 40,000,000 shares of its common stock at a public offering price of $0.25 per share and, for certain investors, in lieu of common stock, pre-funded warrants to purchase 20,000,000 shares of its common stock at a public offering price of $0.24 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.01 per share exercise price for each pre-funded warrant. Each share of common stock or pre-funded warrant is being sold together with one, immediately exercisable common warrant with a five year term to purchase one share of common stock at an exercise price of $0.30 per share. The aggregate gross proceeds of the offering are expected to be approximately $14.8 million, before deducting the underwriting discount and other estimated offering expenses, and assuming that no pre-funded warrants are immediately exercised. All shares of common stock, and accompanying common warrants, and pre-funded warrants, and accompanying common warrants, to be sold in the offering will be offered by Soleno. The closing of the offering is expected to occur on or about March 31, 2022, subject to the satisfaction of customary closing conditions. Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering. Laidlaw & Company (UK) Ltd. is acting as co-manager for the 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 offering is being conducted pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-252108) previously filed with the Securities and Exchange Commission (SEC) on Ja...