Somaxon Cuts Staff, Looks for Buyer

San Diego-based Somaxon Pharmaceuticals, a developer of sleep medication, said today that it has cut 60 percent of its non-field based employees, and has hired a financial advisor to help sell the company. The firm said it has hired Stifel Nicolaus Weisel to help in "strategic alternatives", and cut its staff to minimize its cash burn rate. The publicly held firm said it continues to maintain a sales force and will "protect the intellectual property position of its product", and will continue to market its product Silenor, while it seeks strategic alternatives.