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Somaxon Raises $6M, Awaits FDA Ruling

San Diego-based specialty pharmaceutical company Somaxon Pharmaceuticals said July 7 it entered into a $6 million private placement deal that will help it fund operations as it awaits FDA approval on its insomnia drug.

On Feb. 25, the FDA requested that the company address the possibility that Silenor may slow a person’s heart rate, although no adverse events were reported in its clinical trials. Somaxon officials met with the FDA in April, and Somaxon resubmitted the drug after showing it had no effect on heart rate when administered at doses of 6 milligrams or exaggerated doses of 50 milligrams.

It is seeking approval for oral tablet formulations at 3 milligrams and 6 milligrams. Somaxon said it expects a decision from the FDA by Dec. 4.

Several of the company’s existing investors participated in the financing, including MPM Capital, Montreux Equity Partners, Scale Venture Partners, Prospect Venture Partners and Domain Associates.

“Based on our current operating plan, we expect that the cash raised in this financing, together with our existing resources, will allow us to operate our business through the FDA review cycle of the (new drug application) resubmission and extend our cash runway through the second quarter of 2010,” CEO Richard Pascoe said in a statement.

, Heather Chambers

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