This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Somaxon Pharmaceuticals Reports Second Quarter 2011 Financial Results; Company Announces Access To Up To $45 Million In Financing

Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX), a specialty pharmaceutical company, today announced financial results for the quarter ended June 30, 2011. For the second quarter of 2011, Somaxon reported net product sales of $6.2 million, compared to net product sales of $2.3 million in the first quarter of 2011. The company had no product sales in the second quarter of 2010. The net loss for the second quarter of 2011 was $14.9 million, or a loss of $0.33 per share, compared to a net loss of $5.7 million, or a loss of $0.16 per share, in the second quarter of 2010.

Somaxon also announced that it has obtained a $15 million term loan from Oxford Finance Corporation and Silicon Valley Bank. Additionally, the company has entered into an “At-the-Market” (ATM) equity offering sales agreement with Citadel Securities LLC, under which Somaxon may from time to time offer and sell shares of its common stock having an aggregate offering price of up to $30 million through Citadel. Somaxon expects to use the aggregate funds of up to $45 million to, among other things, satisfy working capital needs in the commercial activities relating to Silenor®, the company’s first FDA-approved product indicated for the treatment of insomnia characterized by difficulty with sleep maintenance.

“During the second quarter of 2011, we continued to make positive strides towards Silenor’s long-term commercial success by increasing Silenor net product sales to $6.2 million and growing Silenor prescriptions by over 36% over the previous quarter,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “In addition, we continued to make solid progress with our managed care contracting efforts, so that we now have approximately 159 million covered lives in a Tier 2, 3 or 4 unrestricted position and approximately 110 million covered lives on contracted formularies.”

“Moreover, having access to additional working capital further supports our financial position as we continue these commercial activities and as we seek to leverage our sales force to broaden our product portfolio, with the goal of building a sustainable business dedicated to delivering long-term stockholder value,” continued Pascoe.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,521.06 -168.80 -0.95%
S&P 500 2,087.94 -15.90 -0.76%
NASDAQ 5,084.52 -43.7610 -0.85%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs