Somaxon Rises

Somaxon Pharmaceuticals(SOMX Quote) reported positive results on a late-stage study of its insomnia drug Silenor in elderly patients.

Shares gained 2.8% to $14.55 on the announcement.

Based on a trial of 240 elderly individuals with chronic insomnia, Silenor significantly improves sleep maintenance, total sleep time and sleep efficiency when compared with a placebo, Somaxon says.

"The data generated suggest that Silenor produces clear, positive, clinically meaningful improvements in patients with insomnia, with a favorable safety and tolerability profile," said Ken Cohen, Somaxon's president and CEO. "We believe this product candidate, if approved by the FDA, has the potential to become a significant participant in a large and rapidly expanding insomnia market."

The conclusion of the trial marks the sixth study on Silenor in the treatment of insomnia, the company says. Somaxon expects to file a new drug application with the Food and Drug Administration in the third quarter of 2007.