Soleno Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Soleno Therapeutics (NASDAQ: SLNO) announced the grant of inducement awards to new executives, Scott Madsen and Charles Horn, each receiving non-qualified stock options for 70,000 shares. The options have an exercise price of $0.34 per share, equal to the stock's closing price on January 28, 2022. The options will vest over four years, with 25% vesting each year upon continued employment. Soleno is focused on developing therapeutics for rare diseases, with its lead product, DCCR, in Phase 3 clinical trials for Prader-Willi Syndrome.

Positive

• Granting of stock options may attract and retain key talent.
• Company's lead candidate, DCCR, is in Phase 3 trials, indicating progress in drug development.

Negative

• None.

REDWOOD CITY, Calif., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (Soleno) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to new employees.

The independent members of the Board of Directors of Soleno approved the grant of a non-qualified stock option to purchase 70,000 shares of common stock to each of Scott Madsen and Charles Horn, Soleno’s new VP, CMC and VP, Quality, respectively, as an inducement for them entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $0.34 per share, which is equal to the closing price of Soleno’s common stock on the Nasdaq Stock Market on January 28, 2022, the date of grant. The option award will vest over a four-year period, with 25% of the shares subject to the award vesting on the one-year anniversary of the date of grant, and thereafter an additional 25% of the shares subject to the award vesting on each succeeding annual anniversary of the date of grant, subject to such employee’s continued employment with Soleno through such vesting dates. The option award is subject to the terms and conditions of Soleno’s existing 2020 Inducement Equity Incentive Plan and the terms and conditions of the stock option covering the grant.

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, DCCR extended-release tablets, a once-daily oral tablet for the treatment of Prader-Willi Syndrome (PWS), is currently being evaluated in a Phase 3 clinical development program. For more information, please visit www.soleno.life.

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

FAQ

What stock options were granted to Soleno Therapeutics employees?

Soleno Therapeutics granted non-qualified stock options for 70,000 shares to each of its new executives, Scott Madsen and Charles Horn.

What is the exercise price of the stock options granted by Soleno Therapeutics?

The exercise price of the stock options is $0.34 per share, equal to the closing price on January 28, 2022.

How will the stock options vest for Soleno Therapeutics new employees?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and an additional 25% each year thereafter.

What is the focus of Soleno Therapeutics?

Soleno Therapeutics is focused on developing novel therapeutics for rare diseases, particularly Prader-Willi Syndrome.

What clinical stage is Soleno's lead product currently in?

Soleno's lead product, DCCR extended-release tablets, is currently in Phase 3 clinical development.