Dec 19 Somaxon Pharmaceuticals Inc
said it was exploring strategic alternatives, including
a sale, and will cut jobs to conserve cash.
The company, which hired Stifel Nicolaus Weisel as its
financial advisor, said it will cut about 60 percent of its
current non-field-based employees.
"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," Chief Executive Richard
Silenor is indicated for the treatment of insomnia
characterized by difficulty with sleep maintenance.
Somaxon shares closed at 60 cents on Friday on Nasdaq.