Shares of Soleno Therapeutics (NASDAQ:SLNO) soared nearly 360% on Tuesday, reaching a 52-week high of $25, following the company's release of promising long-term data for its diazoxide choline tablets. The medication is being developed as a treatment for Prader-Willi syndrome, a complex genetic condition that affects many parts of the body.
The significant stock price increase came after the biopharmaceutical firm disclosed its intentions to file for FDA approval by mid-2024. In addition to this, Soleno Therapeutics announced plans to offer 8.6 million shares at $1.75 each in an effort to raise capital.
The optimistic data from the long-term study of diazoxide choline tablets and the company's subsequent plans to seek regulatory approval have evidently boosted investor confidence in Soleno Therapeutics. The potential FDA approval could mark a major step forward in Prader-Willi syndrome treatment, offering hope to those affected by this complex genetic disorder.
As the company moves forward with its plans, the market will closely watch Soleno Therapeutics' progress towards FDA approval and the impact this could have on its share price.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.