Soleno Therapeutics Announces Pricing of Approximately $138 Million Public Offering Of Common Stock
May 02 2024 - 10:32PM
Soleno Therapeutics, Inc. (Nasdaq: SLNO), (“Soleno” or the
“Company”), a clinical-stage biopharmaceutical company developing
novel therapeutics for the treatment of rare diseases, announced
today the pricing of the underwritten public offering of 3,000,000
shares of its common stock at a public offering price
of $46.00 per share. The gross proceeds of the public
offering are expected to be approximately $138.0 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses. Soleno has also granted the
underwriters a 30-day option to purchase up to 450,000 shares of
common stock at the public offering price, less underwriting
discounts and commissions. The public offering is expected to close
on or about May 7, 2024, subject to market conditions and the
satisfaction of customary closing conditions.
Piper Sandler, Guggenheim Securities, Cantor Fitzgerald &
Co. and Oppenheimer & Co. are acting as joint book-running
managers for the public offering. Laidlaw & Company (UK)
Ltd. is acting as the lead manager for the public offering.
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.
The securities described above relating to the public offering
are being offered by Soleno pursuant to a registration statement on
Form S-3ASR (File No. 333-276344) previously filed with, and
automatically declared effective by the Securities and
Exchange Commission (the “SEC”) on January 2, 2024, and a
preliminary prospectus supplement filed with
the SEC on May 2, 2024. A final prospectus
supplement and an accompanying prospectus relating to the offering
will be filed with the SEC and will be available on the
SEC’s website located at http://www.sec.gov. When available,
copies of the final prospectus supplement and the accompanying
prospectus relating to this offering may be obtained
from Piper Sandler & Co., 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, Attention: Prospectus Department, by
telephone at (800) 747-3924, or by email at prospectus@psc.com; or
Guggenheim Securities, LLC, Attention: Equity Syndicate
Department, 330 Madison Avenue, 8th floor, New York,
NY 10017 by telephone at (212) 518-9544, or by email
at GSEquityProspectusDelivery@guggenheimpartners.com.
Electronic copies of the final prospectus supplement and
accompanying prospectus will also be available on the website of
the SEC at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The offering will be made only by means of a prospectus supplement
and the accompanying prospectus that forms a part of the
registration statement.
About Soleno Therapeutics, Inc.
Soleno is focused on the development and commercialization of
novel therapeutics for the treatment of rare diseases. The
Company’s lead candidate, DCCR (diazoxide choline) extended-release
tablets, a once-daily oral tablet for the treatment of Prader-Willi
syndrome (PWS), recently completed its Phase 3 development program
to support a planned NDA submission.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. All statements other than statements of historical
facts contained in this press release are forward-looking
statements, including statements regarding the Company’s
expectations on the completion and timing of the public offering
and the anticipated use of proceeds therefrom. In some cases, you
can identify forward-looking statements by terms such as "may,"
"will," "should," "expect," "plan," "anticipate," "could,"
"intend," "target," "project," "contemplates," "believes,"
"estimates," "predicts," "potential" or "continue" or the negative
of these terms or other similar expressions. These forward-looking
statements speak only as of the date of this press release and are
subject to a number of risks, uncertainties and assumptions,
including the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the public offering, as well as risks and uncertainties
inherent in Soleno’s business, including those described in the
Company's Annual Report on Form 10-K for the year ended December
31, 2023, prior press releases and in other filings and reports
filed with the SEC. The events and circumstances reflected in
the Company's forward-looking statements may not be achieved or
occur, and actual results could differ materially from those
projected in the forward-looking statements. Except as required by
applicable law, the Company does not plan to publicly update or
revise any forward-looking statements contained herein, whether as
a result of any new information, future events, changed
circumstances or otherwise.
Corporate Contact:
Brian RitchieLifeSci Advisors, LLC212-915-2578
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