SOMAXON PHARMA SETS IPO AT 5 MILLION SHARES, $13-$15 A SHARE

Underwriters for Somaxon Pharmaceuticals Inc. on Wednesday set the terms of the company's pending initial public offering at 5 million common shares with an estimated price range of $13 to $15 a share. On Oct. 7, Somaxon filed an IPO to sell up to $86.25 million in common stock but didn't detail the terms of the offering. According to an amended Form S-1 filed with the Securities and Exchange Commission, Somaxon expects to use net proceeds from the IPO to fund clinical trials for its three development programs, for marketing, general and administrative expenses and for other research and development expenses.
Business Online