Soleno Therapeutics Sells Non-Strategic Assets to Flexicare Inc.

Soleno Therapeutics Inc., a clinical-stage biopharmaceutical company, has sold of one of its non-strategic subsidiaries, NeoForce Inc., which manufacturers and promotes a range of pulmonary resuscitation solutions in the neonatal market, to Flexicare Inc., a privately-held, United Kingdom–based manufacturer of airway management, anesthesia and critical care medical devices.
 
“We have recently refocused our business on the development and commercialization of novel therapeutics for the treatment of rare diseases,” said Anish Bhatnagar, M.D., CEO of Soleno Therapeutics. “As such, we are pleased to monetize these non-strategic assets, which allows us to focus our resources on our lead product candidate, Diazoxide Choline Controlled-Release (DCCR), currently in clinical development for Prader-Willi syndrome (PWS), a rare and complex genetic neurobehavioral disorder affecting appetite, growth, metabolism, cognitive function, and behavior. We expect to initiate a Phase III clinical trial for DCCR by the end of 2017.”
 
“The acquisition of NeoForce advances Flexicare’s mission of providing high-quality medical devices, expanding its neonatal portfolio and footprint both in the U.S. and internationally. We will support NeoForce’s ambition to become a leading supplier of neonatal resuscitation devices, caring for our most vulnerable of patients. This is a long-term strategic investment in a growing sector that we are actively pursuing and will continue to invest in to realize our full potential within this market segment,” said Ghassem Poormand, president of Flexicare, Inc.
 
Soleno Therapeutics develops and commercializes therapeutics for the treatment of rare diseases. Redwood City, Calif.-based Soleno, through its wholly owned subsidiary, Capnia Inc., markets Capnia’s medical devices, including the CoSense End-Tidal Carbon Monoxide (ETCO) monitor, which measures ETCO and is used by hospitals to detect hemolysis in newborns. 
 
Flexicare manufactures and supplies medical devices to the National Health Service and private institutions in the United Kingdom. The firm has an international presence in more than 105 countries through its appointed distributors and supported by its own subsidiaries in the United States, Middle East, India, China, Japan, Australia, and Malaysia.