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Investing.com -- Soleno Therapeutics Inc (NASDAQ:SLNO) stock dropped 3.7% after the biopharmaceutical company announced the pricing of its previously disclosed underwritten public offering at $85.00 per share.
The offering consists of 2,352,941 shares of common stock, with an option for underwriters to purchase up to an additional 352,941 shares within 30 days. The company expects to raise approximately $200 million in gross proceeds before deducting underwriting discounts, commissions, and other offering expenses.
Soleno plans to use the net proceeds to fund the commercialization of VYKATT XR, which was approved by the FDA on March 26, 2025, as the first therapy to address hyperphagia in individuals with Prader-Willi syndrome. Additional proceeds will support regulatory and market development activities in the European Union, further research and development efforts, and general corporate purposes.
The offering, jointly managed by Goldman Sachs & Co (NYSE:GS). LLC, Guggenheim Securities, TD Cowen, Cantor, and Oppenheimer & Co., is expected to close on or about July 11, 2025, subject to customary closing conditions.
Soleno Therapeutics focuses on developing novel therapeutics for rare diseases, with VYKATT XR representing its first FDA-approved product.
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