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Soleno Therapeutics Provides Corporate Update and Reports Second Quarter 2020 Financial Results
REDWOOD CITY, Calif., Aug. 10, 2020 (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., 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.\n 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 hyperphagiaSignificant positive changes seen in two of three key secondary endpoints in subjects receiving DCCR as compared to placeboSubjects 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 DCCRSoleno 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 millionAdded 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 ResultsSoleno’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. Sec...