On June 26, 2020, Soleno Therapeutics, Inc., a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced the closing of its previously announced underwritten public offering of 34,848,484 shares of its common stock, including 4,545,454 shares sold upon full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $1.65 per share. The net proceeds of the offering were approximately $53.7 million, after deducting the underwriting discount and other offering expenses.

Soleno intends to use the net proceeds from the offering primarily to fund its current research and development efforts primarily focused on advancing its lead candidate, Diazoxide Choline Controlled-Release tablets for the treatment of Prader-Willi Syndrome, through late-stage clinical development, regulatory approval and market development activities related thereto 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.

The Wilson Sonsini team that represented Soleno Therapeutics in the transaction included Elton Satusky, Jesse Schumaker, and Layan Khrais.

For more information, please see Soleno Therapeutics’ press release.