Somaxon Pharmaceuticals says it made $52.8M after expenses by selling 6.9M shares of stock

Somaxon Pharma raises $52.8M through stock sale

SAN DIEGO — Somaxon Pharmaceuticals Inc. said Wednesday it raised $52.8 million after expenses by selling 6.9 million new shares of stock.

On Friday the company announced plans to sell 6 million shares at a price of $8.25 each. The underwriters of the offering exercised their options to buy another 900,000 shares to cover demand.

Jefferies & Co. Inc. acted as sole book-running manager in the offering. The co-manager in the offering was Oppenheimer & Co.

In morning trading, Somaxon stock rose 32 cents, or 3.7 percent, to $8.92.

(This version CORRECTS to read that 6.9 million shares were sold in total, INCLUDING over-allotment.)