Soleno Therapeutics Added to Russell 3000® Index

Rhea-AI Summary

Soleno Therapeutics (NASDAQ: SLNO) announced its addition to the Russell 3000® Index as of June 29, 2020. This inclusion reflects the company's market capitalization and enhances visibility and liquidity for its shares. The Russell 3000® Index encompasses the 4,000 largest U.S. stocks, and membership also implies automatic inclusion in the Russell 1000® or Russell 2000® Index.

The CEO, Anish Bhatnagar, expressed optimism about this development, citing that it will benefit the ongoing program for Diazoxide Choline Controlled Release tablets for Prader-Willi Syndrome.

Positive

• Inclusion in the Russell 3000® Index boosts investor visibility.
• Expected increase in liquidity for shares due to index membership.
• Potential positive impact on ongoing clinical program for DCCR.

Negative

• None.

REDWOOD CITY, Calif., June 29, 2020 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (“Soleno”) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced that it has been added to the Russell 3000^® Index at the conclusion of the Russell indexes annual reconstitution, effective upon the U.S. market open today, June 29, 2020.

Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the US all-cap Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“We are very pleased to be added to the Russell 3000^® Index,” said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. “As we continue to advance our program for Diazoxide Choline Controlled Release tablets for patients with Prader-Willi Syndrome, inclusion in this index will enhance investor visibility and increase liquidity in our shares.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000^® and Microcap^® Indexes and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Soleno Therapeutics, Inc.
Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company’s lead candidate, Diazoxide Choline Controlled-Release (DCCR) tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome (PWS), is currently being evaluated in a Phase III clinical development program. For more information, please visit www.soleno.life.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding the Company’s expectations concerning, among other things, our ability to commercialize DCCR for PWS. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions, as well as risks and uncertainties inherent in Soleno’s business, including those described in the company's prior press releases and in the periodic reports it files with the SEC. The events and circumstances reflected in the company's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, the company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Corporate Contact:
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578

FAQ

What does Soleno Therapeutics' inclusion in the Russell 3000® Index mean for the company?

Inclusion enhances investor visibility and increases liquidity for Soleno's shares.

When was Soleno Therapeutics added to the Russell 3000® Index?

Soleno was added to the Russell 3000® Index effective June 29, 2020.

What is Diazoxide Choline Controlled Release (DCCR) being developed for?

DCCR is being developed for the treatment of Prader-Willi Syndrome.

How does the Russell 3000® Index impact Soleno Therapeutics' stock?

Being part of the Russell 3000® helps attract institutional investors and improves stock liquidity.

What is the significance of the Russell 3000® Index for investors?

The index is widely used as a benchmark and by managers for index funds, influencing investment decisions.