Business
Soleno Therapeutics Provides Corporate Update and Reports First Quarter 2023 Financial Results
REDWOOD CITY, Calif., May 09, 2023 (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., May 09, 2023 (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 first quarter ended March 31, 2023. First Quarter 2023 and Recent Corporate Highlights Completed enrollment in the randomized withdrawal period of Study C602, a long-term treatment study of Diazoxide Choline (DCCR) Extended-Release tablets for the treatment of Prader-Willi syndrome (PWS).The U.S. Food and Drug Administration previously acknowledged that data from the study has the potential to support a New Drug Application (NDA) submission for DCCR.Top-line data continue to be expected in the third quarter 2023.Received $10 million in connection with closing of December 2022 Securities Purchase Agreement with Nantahala Capital Management, Abingworth and Vivo Capital, triggered by announcement of enrollment completion. “We are very pleased to have recently completed enrollment in the randomized withdrawal phase of Study C602 and would like to thank the participants, their families and the study sites for helping us reach this important milestone,” said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. “We continue to be on track for the availability of top-line data in the third quarter of 2023. Furthermore, completing enrollment satisfied the closing condition on our December 2022 Securities Purchase Agreement, enabling us to receive $10 million that will support clinical operations through top-line data leading to a potential NDA filing and approval of DCCR.” 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. First Quarter 2023 Financial Results As of March 31, 2023, Soleno had cash and cash equivalents of approximately $7.9 million. This amount does not include the $10 million recently received following enrollment completion in the randomized withdrawal period of Study C602 and the satisfaction of the closing conditions related to the Company’s December 2022 Securities Purchase Agreement. Soleno continues to believe that, in aggregate, these funds are sufficient to fund o...