Somaxon (SOMX) Hires Advisor to Seek Strategic Alternatives
Tweet
Share
E-mailGet Alerts SOMX Hot Sheet
Join SI Premium – FREE
Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX), has hired Stifel Nicolaus Weisel as a strategic advisor. Stifel will assist the company in identifying and evaluating various strategies to maximize stockholder value.
“We are committed to working with the Stifel team to evaluate strategies which will allow us to fully leverage our rights in our core asset – Silenor® for the treatment of insomnia characterized by difficulty with sleep maintenance,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “This process will focus on strategic alternatives, which may include one or more of a sale of the company or assets relating to Silenor, or partnering or other collaboration transactions relating to U.S. or ex-U.S. prescription or over-the-counter rights to Silenor.”
“While we are conducting this process, we will continue to market Silenor in the U.S. to existing prescribers through our 30-person sales force and non-personal promotion, and to protect the intellectual property position of the product,” continued Pascoe. “We will also undertake measures to minimize our cash burn rate, including through a reduction in force involving approximately 60% of our current non-field-based employees.”
The exploration of strategic alternatives may not result in any agreement or transaction and, if completed, any agreement or transaction may not be successful or on attractive terms. Somaxon does not intend to disclose developments with respect to this process unless and until the evaluation of strategic alternatives has been completed or it enters into a definitive agreement for a specific, material transaction.
“We are committed to working with the Stifel team to evaluate strategies which will allow us to fully leverage our rights in our core asset – Silenor® for the treatment of insomnia characterized by difficulty with sleep maintenance,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “This process will focus on strategic alternatives, which may include one or more of a sale of the company or assets relating to Silenor, or partnering or other collaboration transactions relating to U.S. or ex-U.S. prescription or over-the-counter rights to Silenor.”
“While we are conducting this process, we will continue to market Silenor in the U.S. to existing prescribers through our 30-person sales force and non-personal promotion, and to protect the intellectual property position of the product,” continued Pascoe. “We will also undertake measures to minimize our cash burn rate, including through a reduction in force involving approximately 60% of our current non-field-based employees.”
The exploration of strategic alternatives may not result in any agreement or transaction and, if completed, any agreement or transaction may not be successful or on attractive terms. Somaxon does not intend to disclose developments with respect to this process unless and until the evaluation of strategic alternatives has been completed or it enters into a definitive agreement for a specific, material transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- EQT And KKKR Said Among Firms Considering Bids For Qiagen - Bloomberg
- LPL Financial names Jonathan Lewis as chief technology officer
- Faraday Future cancels 237,615 warrants from March 2025 financing
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsRelated Entities
StifelSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
