Somaxon Pharmaceuticals, Inc. Completes $5 Million Private Placement of Equity to Paladin Labs Inc.
Published: Jun 13, 2011
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.