Tuesday, July 7, 2009

Somaxon Gets $6M In PIPE

San Diego-based Somaxon Pharmaceuticals reports today that the publicly held firm has received a $6M, private equity financing. The firm said that the funding came from its existing venture investors, including MPM Capital, Montreux Equity Partners, Scale Venture Partners, Prospect Venture Partners and Domain Associates, as well as new investors Tavistock Life Sciences and others. Somaxon said the cash infusion will extend its cash runway through the second quarter of 2010, and will allow the firm to operate through the FDA review cycle and NDA resubmission of its lead candidate, Silenor, which is being applied to the treatment of insomnia. The firm said that the FDA has accepted for review the New Drug Application for Silenor, and that it expects the review cycle to be six months. More information »

---