Soleno Therapeutics Announces Joint Venture Agreement for Development and Commercialization of CoSense Monitoring Technology
09 December 2017 - 12:00AM
Soleno Therapeutics, Inc. (NASDAQ:SLNO), a clinical-stage
biopharmaceutical company developing novel therapeutics for the
treatment of rare diseases, today announced that it, and its
wholly-owned subsidiary, Capnia, Inc., have entered into a Joint
Venture (JV) agreement with OptAsia Healthcare Limited (OAHL), a
Hong Kong-based healthcare firm, for the development and
commercialization of Capnia’s Sensalyze technology, which includes
the CoSense End-Tidal Carbon Monoxide monitor that assists in the
detection of excessive hemolysis in neonates, and other related
products.
Under the terms of the JV agreement, OAHL will
invest up to $2.2 million in tranches to purchase shares of our
Capnia subsidiary and as a result of this investment, Capnia will
no longer be a wholly-owned subsidiary of Soleno. Going
forward, OAHL will be responsible for funding the operations of
Capnia. In addition, OAHL has the option to buy the remaining
shares of Capnia at a prespecified future time, and at a value
based on revenue.
“The completion of this transaction focuses our
business solely on the development of rare disease therapeutics
with diazoxide choline controlled-release being the lead asset,”
said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno
Therapeutics. “This JV allows the financing of further
development of CoSense and related assets by OAHL, while providing
the possibility of delivering future value to Soleno.”
Soleno’s lead product candidate, diazoxide
choline controlled-release (DCCR), is a once-daily oral tablet for
the treatment of Prader-Willi syndrome (PWS). Given the
completion of this shift in focus, Soleno’s Board of Directors
today accepted the resignations of Stephen N. Kirnon, Ed.D., Edgar
Engleman, M.D., and Steinar J. Engelsen, M.D., as directors of
Soleno, effective as of December 31, 2017.
“I would like to thank Drs. Kirnon, Engleman and
Engelsen for their support and contributions to the Company during
their respective Board tenures,” said Soleno’s Chairman of the
Board, Ernest Mario, Ph.D. “We wish them well in their future
endeavors.”
About Soleno Therapeutics,
Inc.
Soleno Therapeutics, Inc. is focused on the
development and commercialization of novel therapeutics for the
treatment of rare diseases. The company is currently
advancing its lead candidate, DCCR, a once-daily oral tablet for
the treatment of PWS, into a Phase III clinical development program
in early 2018.
For more information, please visit
www.soleno.life.
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to many risks and uncertainties.
Forward-looking statements include statements regarding our
intentions, beliefs, projections, outlook, analyses or current
expectations concerning, among other things, our ability to
initiate the Phase III clinical development program of DCCR in PWS
in early 2018.
We may use terms such as "believes,"
"estimates," "anticipates," "expects," "plans," "intends," "may,"
"could," "might," "will," "should," "approximately" or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. Although we believe that we have
a reasonable basis for each forward-looking statement contained
herein, we caution you that forward-looking statements are not
guarantees of future performance and that our actual results of
operations, financial condition and liquidity, and the development
of the industry in which we operate may differ materially from the
forward-looking statements contained in this presentation. As a
result of these factors, we cannot assure you that the
forward-looking statements in this presentation will prove to be
accurate. Additional factors that could materially affect actual
results can be found in Soleno’s Form 10-Q filed with the
Securities and Exchange Commission on November 14, 2017, including
under the caption titled "Risk Factors." Soleno expressly disclaims
any intent or obligation to update these forward-looking
statements, except as required by law.
Contact:Brian RitchieLifeSci Advisors, LLC212-915-2578
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