Soleno Therapeutics Awards Inducement Grants to New Employees
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Soleno Therapeutics Announces Inducement Grants
Soleno Therapeutics, Inc. (“Soleno”) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company dedicated to developing innovative therapeutics for rare diseases, has announced the grant of inducement awards to six new employees, in compliance with Nasdaq Stock Market rules.
Details of the Inducement Awards
The independent members of the Board of Directors at Soleno have approved the issuance of non-qualified stock options that will allow the purchase of 143,850 shares of common stock. This decision serves as an inducement for the new employees to join Soleno, in line with Nasdaq Listing Rule 5635(c)(4).
The options will have an exercise price of $49.52 and $48.44 per share, reflecting the closing prices of Soleno's common stock on the Nasdaq Stock Market on specified dates prior to the grants. The vesting schedule for these options spans over four years, with 25% of the shares vesting upon the one-year anniversary of the grant date. Following this, an additional 1/48th of the shares will vest each month for the remainder of the vesting period, contingent upon the new employee's continued employment.
About Soleno Therapeutics, Inc.
Soleno is committed to the development and commercialization of groundbreaking therapeutics targeted at rare diseases. Recently, the company submitted a New Drug Application (NDA) to the FDA, supported by the outcomes of its Phase 3 development program, for its leading candidate, DCCR (diazoxide choline) extended-release tablets. This oral medication is designed for once-daily administration to treat Prader-Willi syndrome (PWS), reflecting Soleno's dedication to addressing unmet medical needs.
For further inquiries, please use the corporate contact information provided below.
Corporate Contact
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
Frequently Asked Questions
1. What are the inducement grants mentioned in the article?
The inducement grants refer to stock options awarded to six new employees of Soleno Therapeutics as part of their employment agreement, in compliance with Nasdaq rules.
2. What is the significance of these stock options?
The stock options serve as an incentive for new employees to join Soleno and align their interests with the long-term success of the company.
3. How many shares are involved in the inducement awards?
There are a total of 143,850 shares of common stock involved in the inducement awards granted to the new employees.
4. What is the vesting schedule for the stock options?
The options will vest over a four-year period, with 25% vesting on the one-year anniversary and the remaining shares vesting monthly thereafter.
5. What therapeutic area does Soleno Therapeutics focus on?
Soleno Therapeutics focuses on developing therapeutics for rare diseases, with a recent emphasis on treatments for Prader-Willi syndrome (PWS).
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