Soleno Therapeutics Prices $138 Million Public Offering of Common Stock

REDWOOD CITY, Calif., May 02, 2024 – Soleno Therapeutics, Inc. (Nasdaq: SLNO), a biopharmaceutical company specializing in treatments for rare diseases, announced the pricing of its public offering of 3,000,000 common stock shares at $46.00 per share. The offering is expected to generate about $138.0 million in gross proceeds, excluding underwriting discounts, commissions, and other related expenses. Additionally, the company granted underwriters a 30-day option to purchase up to 450,000 additional shares at the same offering price, minus discounts and commissions. The public offering is anticipated to close around May 7, 2024, contingent on market conditions and standard closing requirements.

Piper Sandler, Guggenheim Securities, Cantor Fitzgerald & Co., and Oppenheimer & Co. are collaborating as joint book-running managers for this offering, with Laidlaw & Company (UK) Ltd. acting as the lead manager.

The net proceeds from the public offering are intended to support Soleno’s ongoing research and development projects. This includes advancing its lead therapeutic candidate, DCCR tablets, which are designed to treat Prader-Willi Syndrome (PWS). Additionally, the funds may be allocated for general corporate purposes such as working capital, capital expenditures, other clinical trials, and potential acquisitions of complementary products, technologies, or businesses. However, the company currently has no specific agreements or commitments for any acquisitions.

The securities for the public offering are being issued under a registration statement previously filed on Form S-3ASR (File No. 333-276344) with the Securities and Exchange Commission (SEC) on January 2, 2024. A preliminary prospectus supplement was filed on May 2, 2024, and a final prospectus supplement, along with the accompanying prospectus, will be filed with the SEC and made available on the SEC’s website. Copies of these documents can be obtained from Piper Sandler & Co. or Guggenheim Securities, LLC.

Soleno Therapeutics focuses on the development and commercialization of innovative therapies for rare diseases. Its primary product candidate, DCCR (diazoxide choline) extended-release tablets, is an oral medication intended for once-daily use in treating Prader-Willi Syndrome (PWS). The product has recently completed its Phase 3 development program, paving the way for a planned New Drug Application (NDA) submission.