Attached files
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8-K - FORM 8-K - Pernix Sleep, Inc. | c06122e8vk.htm |
EX-99.2 - EXHIBIT 99.2 - Pernix Sleep, Inc. | c06122exv99w2.htm |
Exhibit 99.1
Contacts:
Tran Nguyen / CFO
Somaxon Pharmaceuticals, Inc.
(858) 876-6500
Somaxon Pharmaceuticals, Inc.
(858) 876-6500
Rob Whetstone
PondelWilkinson Inc.
(310) 279-5963
Investors@somaxon.com
PondelWilkinson Inc.
(310) 279-5963
Investors@somaxon.com
SOMAXON PHARMACEUTICALS APPOINTS
FAHEEM HASNAIN
TO ITS BOARD OF DIRECTORS
TO ITS BOARD OF DIRECTORS
SAN DIEGO, CA September 20, 2010 Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX), a specialty
pharmaceutical company, today announced the appointment of Faheem Hasnain as an independent
director of the company. The appointment of Mr. Hasnain fills the vacancy in Class II of the
companys board of directors, which class is serving a term that expires at the companys annual
meeting of stockholders in 2013. The number of company directors stands at eight, with a
five-member independent majority.
Mr. Hasnain was president, chief executive officer and a director of Facet Biotech Corporation from
December 2008 until its acquisition by Abbott Laboratories in April 2010. Mr. Hasnain was
president, chief executive officer and a director of PDL BioPharma, Inc. from October 2008 until
Facet Biotech was spun off from PDL BioPharma in December 2008. From October 2004 to September
2008, Mr. Hasnain served at Biogen Idec Inc., most recently as executive vice president in charge
of the oncology/rheumatology strategic business unit. Prior to Biogen Idec, Mr. Hasnain was
president of Oncology Therapeutics Network, a subsidiary of Bristol-Myers Squibb Company, from
March 2002 to September 2004. From 2000 to 2002, Mr. Hasnain served as vice president, global
eBusiness, at GlaxoSmithKline and, from 1988 to 2000, he served in key commercial and
entrepreneurial roles within GlaxoSmithKline and its predecessor organizations, spanning global
eBusiness, international commercial operations, sales and marketing. Mr. Hasnain received a B.H.K.
and B.Ed. from the University of Windsor Ontario in Canada.
We are extremely pleased that Faheem has agreed to join our Board of Directors, said Richard
W. Pascoe, Somaxons President and Chief Executive Officer. Faheems broad pharmaceutical
industry experience and in-depth understanding of commercialization and corporate development will
be a tremendous asset to our board and senior management team as we continue to execute on our
corporate strategy.
David Hale, Chairman of the Board of Somaxon said, We are excited to have such a proven
pharmaceutical leader join our Board of Directors. Faheem will further strengthen our Board, and
we will greatly benefit from his experiences as we continue to develop into a leading specialty
pharmaceutical company.
About Somaxon Pharmaceuticals, Inc.
Headquartered in San Diego, CA, Somaxon Pharmaceuticals, Inc. is a specialty pharmaceutical company
focused on the in-licensing, development and commercialization of proprietary branded
pharmaceutical products and late-stage product candidates for the treatment of diseases and
disorders in the central nervous system therapeutic area. Somaxons product Silenor® (doxepin) has
been approved by the FDA for the treatment of insomnia characterized by difficulty with sleep
maintenance.
For more information, please visit the companys web site at www.somaxon.com.
Somaxon cautions readers that statements included in this press release that are not a description
of historical facts are forward-looking statements. The inclusion of forward-looking statements
should not be regarded as a representation by Somaxon that any of its plans will be achieved.
Actual results may differ materially from those set forth in this release due to the risks and
uncertainties inherent in Somaxons business, including, without limitation, Somaxons ability to
successfully commercialize Silenor; Somaxons reliance on its co-promotion partner, Procter &
Gamble, and its contract sales force provider, Publicis, for critical aspects of the commercial
sales process for Silenor; the performance of Procter & Gamble and Publicis and their adherence to
the terms of their contracts with Somaxon; the ability of Somaxons sales management personnel to
effectively manage the sales representatives employed by Publicis; the ability of Somaxon to ensure
adequate and continued supply of Silenor to successfully launch commercial sales or meet
anticipated market demand; the scope, validity and duration of patent protection and other
intellectual property rights for Silenor; whether the approved label for Silenor is sufficiently
consistent with such patent protection to provide exclusivity for Silenor; Somaxons ability to
operate its business without infringing the intellectual property rights of others; the market
potential for insomnia treatments, and Somaxons ability to compete within that market; inadequate
therapeutic efficacy or unexpected adverse side effects relating to Silenor that could delay or
prevent commercialization, or that could result in recalls or product liability claims; other
difficulties or delays in development, testing, manufacturing and marketing of Silenor; the timing
and results of post-approval regulatory requirements for Silenor, and the FDAs agreement with
Somaxons interpretation of such results; Somaxons ability to raise sufficient capital to fund its
operations, and the impact of any such financing activity on the level of its stock price; the
impact of any inability to raise sufficient capital to fund ongoing operations; and other risks
detailed in Somaxons prior press releases as well as in its periodic filings with the Securities
and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. All forward-looking statements are qualified in their entirety by this
cautionary statement, and Somaxon undertakes no obligation to revise or update this press release
to reflect events or circumstances after the date hereof. This caution is made under the safe
harbor provisions of Section 21E of the Securities Exchange Act of 1934.
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