Scottsdale, AZ (PRWEB) April 28, 2012
QualityStocks would like to highlight Somaxon Pharmaceuticals, Inc., a publicly traded specialty pharmaceutical company focused on the in-licensing, development, and commercialization of proprietary branded pharmaceutical products and late-stage product candidates to treat important medical conditions where there is an unmet medical need and/or high-level of patient dissatisfaction, currently in the central nervous system therapeutic area. Somaxon's product Silenor® (doxepin), available by prescription in the United States, is indicated for the treatment of insomnia characterized by difficulties with sleep maintenance.
In the company’s news yesterday, Somaxon Pharmaceuticals and CJ CheilJedang announced that they have reached an agreement under which CJ CheilJedang will have the exclusive right to commercialize Silenor® (doxepin) in South Korea for the treatment of insomnia.
The terms of the agreement stipulate that Somaxon will collect an up-front payment of US $600,000. CJ CheilJedang will be responsible for regulatory submissions for Silenor and retains the exclusive right to commercialize Silenor in South Korea. Upon Silenor’s approval in South Korea, Somaxon will be eligible to receive sales-based milestone imbursements on top of a net sales based royalty of Silenor in South Korea. Somaxon will be supplying CJ CheilJedang’s requirements for commercial quantities of Silenor at a separate transfer price.
“This transaction helps us further our goal of maximizing the value of Silenor for our stockholders by selectively licensing rights to the product outside of the U.S.,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “CJ CheilJedang is a leading pharmaceutical company in South Korea with an impressive track record of achieving regulatory approval and effectively commercializing branded pharmaceutical products.”
“We are pleased to partner with Somaxon to commercialize Silenor in South Korea,” said Seok-Hee Kang, Head of Pharmaceutical Business of CJ CheilJedang Corporation. “Silenor is an excellent fit with CJ CheilJedang’s commercial capabilities and portfolio, and we believe that there is a significant unmet need for Silenor.”
QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.
To sign up for The QualityStocks Daily Newsletter, please visit http://www.QualityStocks.net
To connect with QualityStocks via Facebook, please visit http://Facebook.com/QualityStocksPage
To connect with QualityStocks via Twitter, please visit http://Twitter.com/QualityStocks
Please read FULL disclaimer on the QualityStocks website: http://Disclaimer.QualityStocks.net
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.