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IPO Ahead For Somaxon

Somaxon Pharmaceuticals filed to go public Oct. 7 with the Securities and Exchange Commission.

The company, which would trade on the Nasdaq stock exchange under the symbol SOMX, could raise up to $86.3 million with the initial public offering, according to the SEC filing.

Somaxon licenses, develops and markets drugs for psychiatric and neurological disorders.

Its drug Silenor, for insomnia, is about to enter late-phase clinical trials.

Results will be available from the trial by mid-2006. The company has said the drug is nonaddictive. It has said all other drugs currently approved by the FDA for insomnia are addictive. Nalmafene, a drug for impulse control and substance abuse disorders, is in mid-phase testing.

The company declined to comment on the IPO and has not announced the number of shares it will offer nor the price per share.

The SEC filing said Somaxon would use most of the money raised by the offering to fund clinical trials and the rest for marketing, research and development and general expenses.

Katie Weeks

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