Soleno secures up to $60M financing from Nantahala, Abingworth, Vivo Capital for DCCR

SOLENO THERAPEUTICS INC

$10M at closing upon enrollment completion of Study C602; $15M upon positive top-line data; $35M upon FDA approval.
Warrants for 22.6M shares at avg $2.65, significant premium to Dec 16 close of $0.91.
Investors include Nantahala Capital, Abingworth, and new investor Vivo Capital.
Study C602 enrollment on track; U.K. sites expected to initiate shortly.
Proceeds to support NDA filing and commercial readiness for DCCR in Prader-Willi syndrome.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SOLENO THERAPEUTICS INC entered into Securities Purchase Agreement with certain entities affiliated with Nantahala Capital Management, LLC, Abingworth LLP, Vivo Capital, LLC and members of management valued at 22,598,870 warrants at $0.4425 each; Tranche A exercisable at $1.75/share (~$15M aggregate), Tranche (effective 2022-12-16).

Action: entry
Agreement: equity purchase
Counterparty: certain entities affiliated with Nantahala Capital Management, LLC, Abingworth LLP, Vivo Capital, LLC and members of management
Value: 22,598,870 warrants at $0.4425 each; Tranche A exercisable at $1.75/share (~$15M aggregate), Tranche
Effective: 2022-12-16

Exact text from the filing

On December 16, 2022, Soleno Therapeutics, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) for a private placement (the “ Private Placement ”) with certain entities affiliated with Nantahala Capital Management, LLC, Abingworth LLP, Vivo Capital, LLC and members of management (each, a “ Purchaser ,” and collectively, the “ Purchasers ”). Pursuant to the Purchase Agreement, the Company agreed to sell to the Purchasers warrants (the “ Warrants ”) to purchase up to an aggregate of 22,598,870 shares of the Company’s common stock, par value $0.001 per share (the “ Shares ”), at a purchase price of $0.4425 per Warrant.

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SOLENO THERAPEUTICS INC filing history →

Source: SEC EDGAR

accession 0001193125-22-308395

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