Somaxon secures cash for Silenor marketing

As Somaxon waits for the FDA okay on insomnia treatment Silenor, the company has lined up funding for marketing and commercialization of the drug. The company inked a $15 million secured loan agreement with Oxford Finance Corporation and Silicon Valley Bank. In addition, Kingsbridge Capital has committed to provide up to $50 million of capital through the purchase of newly-issued shares of Somaxon's common stock.

"The the availability of these funds will support our financial position as we continue to move forward in discussions with a number of companies regarding a potential strategic collaboration relating to the commercialization of Silenor," said Somaxon's interim CEO David F. Hale.

- check out the Somaxon release