Business
Soleno Therapeutics Provides Corporate Update and Reports Second Quarter 2023 Financial Results
REDWOOD CITY, Calif., Aug. 08, 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., Aug. 08, 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 second quarter ended June 30, 2023. Second Quarter 2023 and Recent Corporate Highlights Completed enrollment in the randomized withdrawal period of Study C602, a long-term treatment study of DCCR (Diazoxide Choline) Extended-Release tablets for the treatment of Prader-Willi syndrome (PWS).Top-line data expected around the end of third quarter 2023.Received $10 million in connection with closing of December 2022 Securities Purchase Agreement (SPA) for up to $60 million with Nantahala Capital Management, Abingworth and Vivo Capital, triggered by announcement of enrollment completion. “We are eagerly awaiting top-line results from the fully-enrolled randomized withdrawal period of Study C602, which remain on track for the third quarter of 2023,” said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. “If successful, results have the potential to support a planned New Drug Application (NDA) submission to the U.S. Food and Drug Administration (FDA). We continue to believe in the significant potential of DCCR as an effective and safe therapy for patients with PWS.” 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. Second Quarter 2023 Financial Results As of June 30, 2023, Soleno had cash and cash equivalents of approximately $19.4 million, which includes $10 million received during the quarter from the sale of warrants pursuant to the terms of the SPA. The warrants issued during the quarter are immediately exercisable for up to an additional $50 million of gross proceeds to the Soleno; $15 million are required to be exercised within 30 days of the announcement of positive top-line data and $35 million of the warrants will expire if not exercised within 30 days of receipt of FDA approval of DCCR for the treatment of PWS. Research and development expenses for the three and six months ended June 30, 2023, were $5.1 million and $10.5 million, compared to $3.7 million and $7.7 million ...