Penny Stock of the Day: Somaxon Pharmaceuticals Inc. (SOMX)
Shares of Somaxon Pharmaceuticals Inc. (NASDAQ: SOMX), a specialty pharmaceutical company engaged in the development and commercialization of branded products and late-stage product candidates, are seeing a huge rally in Wednesday’s trading.
At last check, the penny stock of SOMX was trading 80.69% higher at $0.470, with volume up from daily average of 469,709 to 7.22 million. The stock touched an intra-day high of $0.60 today.
SOMX shares are soaring after the company announced settlement of Silenor patent litigation with Mylan Inc. and Par Pharmaceuticals Companies Inc. SOMX entered into separate settlement agreements with Mylan, and its subsidiary Mylan Pharmaceuticals Inc., and Par and its subsidiary Par Pharmaceutical Inc.
Under the terms of one of the settlement agreements, Mylan has been granted the exclusive right to start selling an authorized generic version of Silenor on January 1, 2020, or earlier under certain circumstances. As per the terms of the agreement, Mylan’s right to sell an authorized generic product could extend for a period of as long as 360 days, and following such period Mylan will have the non-excusive right to sell a generic version of Silenor under its Abbreviated New Drug Application.
Mylan and Somaxon also entered into a supply agreement under which Mylan will supply SOMX with commercial quantities of Silenor 3 mg and 6 mg tablets.
Somxaon also entered into a settlement agreement with Par under which Par has been granted the right to start selling a generic version of Silenor 180 days after the earlier of the date that a third party’s generic version of Silenor is first sold in the U.S. under a license from SOMX or a final court decision that the asserted patents are not infringed, invalid, or unenforceable.
Richard W. Pascoe, president and CEO of Somxon, said that the settlement agreements reflect SOMX’s continued confidence in the strength of its Silenor patents and allows the company to more confidently devote resources to building the Silenor brand.
Silenor 3 mg and 6 mg tablets for the treatment of insomnia characterized by difficulty with sleep maintenance was approved by the FDA in March 2010.
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