Somaxon Pharmaceuticals, Inc. Completes $3.0 Million Registered Direct Offering
Published: Jul 25, 2012
SAN DIEGO, July 24, 2012 (GLOBE NEWSWIRE) -- Somaxon Pharmaceuticals, Inc. (Nasdaq:SOMX), a specialty pharmaceutical company, today announced that it has completed its previously announced registered direct offering of approximately 9.4 million shares of its common stock and warrants to purchase up to approximately 4.7 million shares of its common stock to institutional investors. Aggregate gross proceeds to the company were approximately $3.0 million, before deducting anticipated placement agent fees and expenses of approximately $0.3 million. The warrants will have an initial exercise price of $0.46 per share, will be exercisable commencing six months and one day from the date of issuance and will expire on the fifth anniversary of the initial exercise date. Roth Capital Partners acted as sole placement agent for the offering.