Somaxon Gets Delisting Notice

Juha-Pekka Tikka3/26/09

San Diego-based Somaxon Pharmaceuticals (NASDAQ: SOMX) says it has received a warning that its shares could be delisted by Nasdaq for failing to maintain a minimum total equity valuation of $10 million. Somaxon’s market valuation was less than $7 million today. In a statement, Somaxon says it has until April 13th to address the situation to maintain its listing on the Nasdaq Global Market. Last month, the U.S. Food and Drug Administration turned down Somaxon’s new drug application for treating insomnia, but the company says today its application is still pending.