Soleno Therapeutics Set to Join Russell 3000® Index

Rhea-AI Summary

Soleno Therapeutics (NASDAQ: SLNO) announced its inclusion in the Russell 3000® Index, effective July 1, 2024, following the Russell US Indexes annual reconstitution.

This inclusion reflects Soleno's progress with its lead candidate, DCCR (diazoxide choline) extended-release tablets, currently in clinical development for the treatment of rare diseases.

Membership in the Russell 3000® Index includes automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index and relevant growth and value style indexes.

Russell indexes are essential for investment managers and institutional investors, with $10.5 trillion in assets benchmarked against them as of December 2023.

Positive

• Inclusion in the Russell 3000® Index enhances Soleno's visibility among investors.
• Reflects significant progress in advancing DCCR (diazoxide choline) extended-release tablets through clinical development.
• Automatic inclusion in either the large-cap Russell 1000® Index or small-cap Russell 2000® Index.
• Potential for increased investment from institutional investors tracking Russell indexes.
• Russell indexes are widely used as benchmarks, making Soleno part of a prestigious group.

Negative

• No immediate financial benefits or revenue increases are guaranteed from inclusion in the Russell 3000® Index.
• Market-cap ranking must be maintained to stay in the Russell 3000® Index.

REDWOOD CITY, Calif., June 04, 2024 (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 is set to join the broad-market Russell 3000^® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, 2024, according to a preliminary list of additions posted Friday, May 24, 2024.

“Inclusion in the Russell indexes is a significant milestone and reflects the meaningful progress Soleno has made in advancing our lead candidate DCCR (diazoxide choline) extended-release tablets through clinical development,” said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. “We look forward to broader visibility associated with joining the Russell indexes as we approach regulatory milestones and continue to execute on our corporate strategy.”

The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30th, 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.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, a prominent global index provider.

For more information on the Russell 3000^® Index 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, DCCR (diazoxide choline) extended-release tablets, a once-daily oral tablet for the treatment of Prader-Willi syndrome (PWS), recently completed its Phase 3 development program to support a planned NDA submission. For more information, please visit www.soleno.life.

About FTSE Russell
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.

FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit https://www.lseg.com/en/ftse-russell.

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 timing of any regulatory process, filing of an NDA, or ultimate approvals and determining a path forward for DCCR for the treatment of 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 the projected timeline of our NDA submission, whether FDA will agree with our interpretation of the data or the adequacy of data to support an NDA, the FDA’s review of our NDA, 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 is the significance of Soleno Therapeutics joining the Russell 3000® Index?

Inclusion in the Russell 3000® Index boosts Soleno's visibility and credibility among investors, reflecting its progress in clinical development.

When will Soleno Therapeutics be added to the Russell 3000® Index?

Soleno Therapeutics will be added to the Russell 3000® Index on July 1, 2024, following the Russell US Indexes annual reconstitution.

What is the stock symbol for Soleno Therapeutics?

The stock symbol for Soleno Therapeutics is SLNO.

What is the Russell 3000® Index?

The Russell 3000® Index is a broad-market index capturing the 4,000 largest US stocks, ranking them by total market capitalization.

How does inclusion in the Russell 3000® Index affect Soleno stock?

Inclusion in the Russell 3000® Index can increase Soleno's visibility and attract institutional investment, potentially impacting the stock positively.