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Somaxon Pharmaceuticals, Inc. (SOMX) Completes $5 Million Private Placement of Equity to Paladin Labs Inc. (CC:PLB)



6/13/2011 9:11:23 AM

SAN DIEGO--(BUSINESS WIRE)--Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX) today said it completed its previously announced private placement to Paladin Labs Inc. of 2,184,769 shares of its common stock on June 11, 2011, for aggregate gross proceeds of US$5 million. The private placement was undertaken in connection with the exclusive collaboration Somaxon entered into with Paladin under which Paladin will commercialize Silenor® (doxepin) for the treatment of insomnia characterized by difficulty with sleep maintenance in Canada, South America and Africa. Together with the US$500,000 upfront payment previously received by Somaxon, Somaxon has now received US$5.5 million in aggregate gross proceeds in connection with the collaboration.

Read at BioSpace.com


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