Soleno Therapeutics, Inc. (Nasdaq: SLNO), a pioneering biopharmaceutical company in the rare disease sector, has declared the launch of a significant public offering. The company is offering 3 million shares of its common stock to the public at $46.00 per share, with expectations to raise gross proceeds of around $138 million. This capital raise is before accounting for underwriting discounts, commissions, and other projected expenses.

In a strategic move to bolster its financial position, Soleno has extended a 30-day option to underwriters, allowing them to purchase an additional 450,000 shares. This is contingent on the standard underwriting discounts and commissions. The offering is slated to conclude around May 7, 2024, provided market conditions are favorable and customary closing criteria are met.

A consortium of financial powerhouses, including Piper Sandler, Guggenheim Securities, Cantor Fitzgerald & Co., and Oppenheimer & Co., are spearheading the offering as joint book-running managers. Laidlaw & Company (UK) Ltd. has taken the helm as the lead manager.

The influx of funds from this offering is earmarked for Soleno’s ongoing research and development initiatives, particularly the progression of its flagship product, DCCR tablets, aimed at treating Prader-Willi Syndrome (PWS).

Additionally, the company plans to allocate the net proceeds for general corporate purposes. These may encompass working capital, capital investments, funding for other clinical trials, and other corporate outlays. While Soleno is open to the acquisition of complementary products, technologies, or businesses, it currently holds no definitive agreements or commitments for any specific acquisitions.

This financial maneuver underscores Soleno’s commitment to advancing therapeutic options for those affected by rare diseases and fortifies its position for future growth and innovation.

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