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Soleno Therapeutics Announces Pricing of $50 Million Public Offering of Common Stock
REDWOOD CITY, Calif., June 24, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (Nasdaq:SLNO), (“Soleno” or the “Company”), a clinical-stage
About this update from Soleno Therapeutics, Inc.
[{"type":"text","content":"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.\n 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 pro...