Soleno Therapeutics Inc. priced an underwritten public offering to raise about $13.4 million in gross proceeds.
The Redwood City, Calif.-based company is offering 11,166,667 common shares at $1.20 apiece. Oppenheimer & Co. Inc. is the sole book-running manager for the offering while Roth Capital Partners and Laidlaw & Co. Ltd. are the co-managers.
Soleno has given the underwriters a 30-day option to purchase up to an additional 1,675,000 shares at the same price.
The company plans to use the net proceeds from the offering for the development of its products, working capital and general corporate purposes.
The offering is expected to close on or around Oct. 25, subject to conditions.
Soleno develops and commercializes novel therapeutics for treating rare diseases.