Soleno Therapeutics (SLNO) said late Tuesday it has signed an up to $200 million loan and security agreement with Oxford Finance.

Soleno said it drew $50 million at closing, and $100 million will be available in three additional tranches, subject to US Food and Drug Administration approval of diazoxide choline extended-release tablets to treat Prader-Willi syndrome as well as commercial milestones.

The company said a final $50 million tranche may be made available upon the mutual consent of Soleno and Oxford.

Soleno said that, with the initial $50 million draw, it had pro-forma cash, cash equivalents and marketable securities of $334.7 million as of Sept. 30.

Shares of the company fell 3.5% in recent after-hours activity.

Price: 46.00, Change: -1.65, Percent Change: -3.46