FDA Approves Somaxon Insomnia Pill, Torrey Pines Investment Raises Funds, Innovation Economy Shows Signs of Life, & More San Diego Life Sciences News

3/25/10

Regulatory and funding headlines dominated a light week. It’s summarized for you here.

Torrey Pines Investment raised $30 million for a second venture fund that aims to raise a total of $150 million. The money will be used to finance acquisitions and development or co-development of drug candidates from pharmaceutical or biotech companies.

—Connect, a nonprofit group supporting technology and entrepreneurship, reported indications of life in San Diego’s innovation economy. It found 13 percent more startups were formed in 2009 than in 2008, among other encouraging signs.

—After two discouraging regulatory delays, Somaxon Pharmaceuticals (NASDAQ: SOMX) received FDA approval for its insomnia drug doxepin (Silenor).

—Tina Nova, CEO of Carlsbad, CA-based Gentopix (NASDAQ: GXDX), played to a nearly fully house at the Roth Capital Partners Growth Stock Conference in Laguna Niguel, CA. The company specializes in diagnostic services to hematologists and oncologists and was the fifteenth fastest-growing company in the North America last year according to the accounting firm Deloitte.

Elcelyx Therapeutics raised $1.2 million of a planned $2.2 million equity offering. The company’s president is Alain D. Baron, entrepreneur in residence at Morgenthaler Ventures in Menlo Park.

Denise Gellene is a former Los Angeles Times science writer and regular contributor to Xconomy. You can reach her at dgellene@xconomy.com Follow @

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