Akin Gump represented Nantahala Capital Management in its securities purchase agreement, alongside co-investors Abingworth LLP and Vivo Capital, LLC, for up to $60 million, with Soleno Therapeutics, Inc., a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases.
Under the terms of the agreement, the investors have committed to pay $10 million in exchange for warrants to purchase common stock upon the company’s announcement of enrollment completion in the randomized withdrawal period of Study C602, anticipated in the first quarter of 2023.
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The deal team was led by corporate partner Shar Ahmed and senior counsel Alexandra Reuss.