April 4, 2022
REDWOOD CITY, Calif., April 01, 2022 (GLOBE NEWSWIRE) — Soleno Therapeutics, Inc. (Soleno) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced the closing of an underwritten public offering of 40,000,000 shares of its common stock at a public offering price of $0.25 per share and, for certain investors, in lieu of common stock, pre-funded warrants to purchase 20,000,000 shares of its common stock at a public offering price of $0.24 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.01 per share exercise price for each pre-funded warrant. The aggregate gross proceeds of the offering were approximately $14.8 million, before deducting the underwriting discount and other estimated offering expenses, and assuming that no pre-funded warrants are immediately exercised. FLG partner, Jim Mackaness assisted.
Soleno intends to use the net proceeds from this offering to fund its current research and development efforts primarily focused on advancing its lead candidate, DCCR tablets for the treatment of Prader-Willi Syndrome (PWS), 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, though the company does not have agreements or commitments for any specific acquisitions at this time.
Full release is here.