Business
Soleno Therapeutics Provides Corporate Update and Reports Second Quarter 2024 Financial Results
REDWOOD CITY, Calif., Aug. 07, 2024 (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. 07, 2024 (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, 2024. Second Quarter 2024 and Recent Corporate Highlights Submitted New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for Diazoxide Choline Extended-Release (DCCR) for the treatment of Prader-Willi Syndrome (PWS) in individuals four years and older who have hyperphagia.Closed on an approximately $158.7 million underwritten public offering of 3,450,000 shares of common stock at a public offering price of $46.00 per share, which includes the exercise in full by the underwriters of their overallotment option to purchase additional shares.Granted Breakthrough Therapy Designation by the FDA for DCCR for the treatment of adults and children ages four years and older with genetically confirmed PWS who have hyperphagia.Presented data from the randomized withdrawal period of Study C602 of DCCR in PWS in an oral presentation at the Annual Meeting of the Endocrine Society (ENDO 2024), held June 1-4, 2024 in Boston, Massachusetts.Joined the broad-market Russell 3000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective July 1, 2024. “The second quarter of 2024 saw substantial progress for Soleno, highlighted by submission of an NDA to the FDA for DCCR. We look forward to continuing to work with the FDA,” said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. “Our launch teams are diligently preparing for a potential launch of DCCR, including development of market access strategies, sales force sizing, and identifying medical education needs. With a strong balance sheet, we are well-positioned to commercialize DCCR and deliver a much-needed new therapy to 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 Ended June 30, 2024 Financial Results As of June 30, 2024, Soleno had $294.6 million of cash, cash equivalents and marketable securities. Research and development...