By Devika Patel
Knoxville, Tenn., July 7 - Somaxon Pharmaceuticals, Inc. said it arranged a private placement of stock to raise about $6 million.
The company will sell about 5.1 million common shares at $1.05 per share.
Investors also will receive 5.1 million warrants, which are exercisable at $1.155 for seven years.
Settlement is expected on July 8.
Based in San Diego, Somaxon is a specialty pharmaceutical company focused on psychiatry and neurology.
| Issuer: | Somaxon Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $6 million (approximate)
|
| Shares: | 5.1 million (approximate)
|
| Price: | $1.05
|
| Warrants: | For about 5.1 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.155
|
| Pricing date: | July 7
|
| Settlement date: | July 8
|
| Stock symbol: | Nasdaq: SOMX
|
| Stock price: | $1.00 at close July 6
|
| Market capitalization: | $19.4 million
|
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