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Soleno Therapeutics Inc. and its unit Capnia Inc. plan to form a joint venture with Hong Kong-based OptAsia Healthcare Ltd. for the development and commercialization of the Sensalyze technology.

Capnia's Sensalyze technology includes the CoSense end-tidal carbon monoxide monitor that assists in the detection of excessive hemolysis in neonates.

According to the agreement, OptAsia will invest up to $2.2 million in tranches to buy shares of Capnia, which will no longer remain Soleno's unit as a result of the investment.

In addition, OptAsia has the option to buy the remaining shares of Capnia at a prespecified future time, and at a value based on revenue.

OptAsia will also pay $40,000 for the exclusive right, title and interest to acquire the CoSense technology.

The transaction narrows Soleno's business solely on the development of rare disease therapeutics. As a result of this shift in focus, the company said Stephen Kirnon, Edgar Engleman and Steinar Engelsen will step down from the company's board on Dec. 31.