Somaxon Pharmaceuticals, Inc. (Nasdaq:SOMX), a specialty pharmaceutical company, today announced that it has completed its previously announced registered direct offering of approximately 9.4 million shares of its common stock and warrants to purchase up to approximately 4.7 million shares of its common stock to institutional investors. Aggregate gross proceeds to the company were approximately $3.0 million, before deducting anticipated placement agent fees and expenses of approximately $0.3 million. The warrants will have an initial exercise price of $0.46 per share, will be exercisable commencing six months and one day from the date of issuance and will expire on the fifth anniversary of the initial exercise date. Roth Capital Partners acted as sole placement agent for the offering.
A shelf registration statement (File No. 333-167789) relating to these securities was previously filed and declared effective by the SEC, and a prospectus supplement related to the offering has been filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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