Somaxon Teams With Procter & Gamble Regarding New Drug

Somaxon Pharmaceuticals Inc. (NASDAQ: SOMX) jumped $1.39 (41.25%) to $4.76 today on news that the biopharma company had signed a deal with Procter & Gamble to market the company’s new insomnia drug, Silenor.  In return for helping Somaxon sell the drug, which is a low-dose from of doxepin, P & G will gain first rights to develop and market the drug as an over-the-counter medication.  The pact will run through the end of 2012, but it is renewable.

Somaxon deals primarily with the treatment of diseases and disorders in the central nervous system.  Silenor will be the company’s principal product.

-Michael B. Sauter

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