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Somaxon Raises $5M

San Diego’s Somaxon Pharmaceuticals (NASDAQ: SOMX), said today it completed a private placement of nearly 2.2 million shares of its common stock to Paladin Labs, raising a total of $5 million. The company said the deal was part of its collaboration with Paladin, which has exclusive rights to commercialize Somaxon’s doxepin (Silenor) in Canada, South America, and Africa.