REDWOOD CITY, Calif. - Soleno Therapeutics, Inc. (NASDAQ: NASDAQ:SLNO), a company specializing in the development of treatments for rare diseases, announced significant changes to its Board of Directors today. The company confirmed the departure of Ernest Mario, Ph.D., from his role as Chairman due to health concerns. Matthew Pauls, J.D., M.B.A., an existing member of the Board, has been appointed as the new Lead Independent Director.
In a concurrent move, Dawn Carter Bir, a biotech executive with a 30-year tenure in industry leadership and strategy, has joined the Soleno Board of Directors. Anish Bhatnagar, M.D., CEO of Soleno Therapeutics, expressed gratitude to Dr. Mario for his contributions and welcomed Ms. Bir, highlighting her extensive experience in commercialization and business development.
Ms. Bir's career includes pivotal roles such as Executive Vice President and Chief Commercial Officer at Reata Pharmaceuticals (NASDAQ:RETA), which was acquired by Biogen (NASDAQ:BIIB) for $7.3 billion in September 2023. She also played a key role in the launch of Pharmacyclics' first product, which led to the company's acquisition by AbbVie (NYSE:ABBV) for $21 billion in 2015. Currently, she is a board member at Geron (NASDAQ:GERN) Corporation.
Soleno Therapeutics is currently awaiting regulatory approval for its lead candidate, DCCR (diazoxide choline) extended-release tablets, intended for the treatment of Prader-Willi syndrome (PWS). The company has recently submitted a New Drug Application (NDA) to the FDA.
The changes in the board composition come at a critical time for Soleno as it prepares for the potential commercial launch of its first product. The company's forward-looking statements indicate anticipation for regulatory processes and approvals, although they acknowledge the inherent risks and uncertainties.
This report is based on a press release statement from Soleno Therapeutics.
In other recent news, Soleno Therapeutics has entered into an agreement with Jefferies LLC to potentially sell up to $150 million of its common stock. This development comes alongside the company's submission of a New Drug Application to the U.S. Food and Drug Administration for DCCR, a treatment for Prader-Willi syndrome. In addition, Soleno Therapeutics has awarded performance-based restricted stock units to its employees, including top executives, under the Amended and Restated 2014 Equity Incentive Plan.
The company has also secured a new office lease in Redwood (NYSE:RWT) City, California, expanding its corporate footprint. Analyst coverage has been consistent, with Piper Sandler maintaining its Overweight rating on the company, while Oppenheimer and Baird both hold an Outperform rating. These recent developments highlight Soleno Therapeutics' ongoing operational and strategic initiatives.
InvestingPro Insights
As Soleno Therapeutics, Inc. (NASDAQ: SLNO) navigates through pivotal leadership changes and awaits regulatory decisions, the company's financial health and market performance provide additional context for investors. According to InvestingPro data, Soleno Therapeutics holds a market capitalization of $1.9 billion, reflecting the market's valuation of the company's potential. Despite challenges in profitability with a negative P/E ratio of -22.34 for the last twelve months as of Q2 2024, the company has demonstrated a significant return over the last year, with a price total return of 981.42%.
InvestingPro Tips for Soleno Therapeutics highlight a couple of key financial strengths and areas of concern. Notably, the company holds more cash than debt on its balance sheet, and analysts predict that it will be profitable this year. These insights could be particularly relevant as Soleno prepares for the potential commercial launch of its DCCR tablets. On the other hand, the company suffers from weak gross profit margins and is trading at a high Price / Book multiple of 6.77, which suggests that the stock is relatively expensive compared to the company's book value.
Investors interested in a deeper dive into Soleno's financials and market performance can find a wealth of information on InvestingPro, including additional InvestingPro Tips. There are currently 10 more tips available, which can guide investors on various aspects of the company's financial health and market expectations.
For more detailed analysis and real-time metrics, investors can visit the dedicated InvestingPro page for Soleno Therapeutics at https://www.investing.com/pro/SLNO.
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