Somaxon Pharmaceuticals Inc., a specialty pharmaceutical company focused on developing and marketing products for the treatment of neuropsychiatric disorders, today announced the closing of a $23 million private placement of its Series B preferred stock. Domain Partners VI, LP led the round, which also included BA Venture Partners, Montreux Equity Partners, Fog City Fund, CDIB Bioscience Ventures and Windamere Venture Partners.
Louis Bock, Managing Director of BA Venture Partners, and Daniel K. Turner III, General Partner of Montreux Equity Partners, have joined Somaxons Board of Directors, which also includes Chairman David Hale, President and CEO of CancerVax Corporation, Jesse Treu, General Partner of Domain Associates, LLC, Cam Garner, Chairman of XCEL Pharmaceuticals, Terry Cobb, President of Procom One, Scott Glenn, Managing Director of Windamere Venture Partners, and Kenneth Cohen, President and CEO of Somaxon.
Kenneth Cohen stated, We are delighted to have such a high quality and distinguished group of investors. This investment will help Somaxon achieve its next clinical milestone with our lead product, SO-101 (low dose doxepin), which is entering into Phase II clinical development for the treatment of insomnia. The investment also allows us to pursue additional product in-licensing and acquisition opportunities.
Jesse Treu, Domain Associates partner and Somaxon board member commented, Somaxon is the first investment we have made from our newest fund, Domain VI. We believe Somaxon is a compelling specialty pharmaceutical business with an experienced management team to execute the companys strategy of acquiring and developing late stage or marketed products in the neuropsychiatric area. We are excited about the potential of its lead product to have a meaningful role in the treatment of insomnia, a serious and growing health problem.
Somaxon Pharmaceuticals is a specialty pharmaceutical company focused on developing and commercializing products in the area of neuropsychiatry and related diseases. Headquartered in San Diego, CA, Somaxons lead clinical program is to evaluate SO-101 (low dose doxepin) for the treatment of insomnia.
Insomnia is a growing health problem in the United States. According to the most recent Sleep in America poll, almost 69 million Americans, or 35% of the adult population of the United States, experience some symptom of insomnia every night and 58% reported experiencing symptoms a few nights each week.
For more information, please contact Kenneth Cohen, President and CEO, (858.509.3670) or visit the companys website at www.somaxon.com.