Somaxon Pharmaceuticals Reports Third Quarter 2011 Financial Results
Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX), a specialty pharmaceutical company, today announced financial results for the quarter ended September 30, 2011. For the third quarter of 2011, Somaxon reported net product sales of $3.7 million, compared to net product sales of $38,000 in the third quarter of 2010. The company began selling Silenor late in the third quarter of 2010. The net loss for the third quarter of 2011 was $17.0 million, or a loss of $0.36 per share, compared to a net loss of $12.9 million, or a loss of $0.37 per share, in the third quarter of 2010.
“During the third quarter of 2011, we continued to make positive strides towards establishing Silenor® with prescribers and payers, resulting in Silenor prescription growth of over 24% over the previous quarter,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “Looking forward into 2012, we will shift the Silenor promotional mix towards more patient-facing initiatives, with the goal of raising the level of consumer awareness for Silenor and increasing sales, while significantly decreasing our operating expenses in an effort to drive towards profitability and to create stockholder value.”
“Specifically, we are launching a comprehensive direct-to-consumer advertising campaign in selected regional areas to capitalize on the fact that the insomnia market is largely driven by patient demand and has historically responded favorably to DTC advertising. The campaign will include television, print, and on-line components that are designed to generate incremental Silenor prescriptions among our target audience. We will support the DTC campaign with our most productive sales representatives in each selected area, so that we can continue to educate physicians and remind them of Silenor’s differentiated message as a non-addictive insomnia treatment that helps patients stay asleep,” continued Pascoe. “We will also continue to deploy top-tier field-based sales representatives in other areas where sales growth potential has been shown and where we may look to expand our DTC campaign in the future. Moreover, we will continue to support non-personal promotional activities aimed at existing Silenor prescribers, where we have a demonstrated return on investment. Finally, we will maintain our focus on those initiatives directed towards pharmacies and managed care payers in an effort to capitalize on the momentum we have built in those important segments since launch.”
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