TMCnet News
Somaxon Pharmaceuticals' Shares Surge 31% On Co-Promo Deal With Procter & Gamble (PG,SOMX)Aug 25, 2010 (SmarTrend News Watch via COMTEX) -- 8/25/2010-Shares of Somaxon Pharmaceuticals (NASDAQ:SOMX) are trading 31.2% higher premarket after the company announced a co-promotion agreement with Procter & Gamble (NYSE:PG) in an effort to market its recently approved insomnia drug, Silenor. The press release, issued by Somaxon Pharmaceuticals, says that under terms of the agreement, Somaxon and Procter & Gamble will co-promote Silenor with a combined 215 sales representatives in the U.S. market. "We are extremely excited to add Procter & Gamble's highly regarded and tenured professional sales force to our commercialization effort for Silenor," said Richard W. Pascoe, Somaxon's President and Chief Executive Officer. "With the combined effort of both sales forces, we will target 35,000 of the highest prescribers of insomnia products as well as 25,000 pharmacies, which we believe will allow us to be highly competitive in the insomnia market. In addition, we are excited about the potential to partner with Procter & Gamble for the OTC rights to Silenor as a future life cycle management opportunity." SmarTrend currently has Procter & Gamble in a Downtrend. Since 2008, SmarTrend subscribers trading Procter & Gamble using our alerts outperformed the stock by 3%. We are monitoring these developments and will alert subscribers to any change in trend. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup |