Somaxon Pharmaceuticals is preparing to launch Silenor, a new insomnia treatment approved by the FDA in March 2010. Silenor is differentiated from other insomnia treatments by its novel mechanism of action targeting histamine receptors. Somaxon plans to deploy a targeted US sales force and establish commercial partnerships to effectively launch Silenor in the second half of 2010. The large and growing insomnia market represents an opportunity for Silenor to gain market share by addressing unmet needs around sleep maintenance and safety concerns with current treatments. Somaxon believes Silenor's efficacy, safety and tolerability profile position it as a first-line therapy for insomnia.

1. Somaxon Pharmaceuticals, Inc.
Jefferies Global Life Sciences
Conference
Nasdaq: SOMX
June 10, 2010

2. Forward Looking Statements
This presentation contains forward-looking statements about our business,
including our commercialization timeline and plans, potential partnerships or
other strategic collaborations, future financial results and events that have
not yet occurred. Operating in the pharmaceutical industry inherently
involves significant risks and uncertainties, including the risks outlined under
“Risk Factors” and elsewhere in our Annual Report on Form 10-K and our
other filings made with the SEC from time to time. Our actual results may
differ materially from our expectations due to these risks and uncertainties,
including our near-term dependence on the success of our lead product
candidate, Silenor®, and factors relating to ability to raise sufficient capital,
ability to attract a strategic partner, competition, intellectual property
protection, industry environment, and other matters. Somaxon undertakes
no obligation to revise or update any forward-looking statements to reflect
events or circumstances after the date hereof.
7

3. Somaxon Business Strategy
Develop and Commercialize Highly Differentiated Products
– Target late-stage or currently marketed assets
– Address unmet medical need and patient dissatisfaction
– Maximize value of Silenor
Deploy a U.S. Commercial Organization
– Focus on the CNS therapeutic area
– Cover high-prescribing physicians with a targeted sales force
– Create efficiencies through strategic outsourcing
Establish Commercial Collaborations
– Effectively leverage partner resources
– Reach broader prescriber universe
– Consider licensing, co-promotion or M&A to accelerate growth
8

4. Highlights
FDA approved Silenor for the treatment of insomnia characterized
by sleep maintenance difficulty, March 17, 2010
Raised $53MM in secondary offering in March 2010
U.S. commercial collaboration discussions ongoing
Somaxon’s commercial build-out underway
Silenor launch in 2H 2010
Pursuing ex-U.S. Silenor licensing partner(s)
9

5. Silenor for Insomnia
Near-term Opportunity
– Target launch 2H 2010
– Favorable market dynamics commercial upside
– Launch Ready campaign
– Product profile supports potential for meaningful share of the market
Silenor – A Highly Differentiated Product for Insomnia
– Differentiated Mechanism of Action
• H1 affinity vs. GABA or melatonin
– Strong Clinical Efficacy Profile
• Primary efficacy endpoint achieved statistical significance in all four Phase 3
studies
• Sleep maintenance ≥ 7 hours
– Favorable Safety and Tolerability Profile
• Not scheduled
• Adverse events comparable to placebo
• No GABA-ergic related side effects
10

6. A Restless Market

7. Large and Accessible Market
Over 67 million TRx’s and > $2 billion in sales in the U.S. 2009
U.S Market remains under-diagnosed and under-treated
– 70 million estimated to suffer from insomnia
– 14 million (20%) are currently on Rx treatment
– 56 million utilize OTC/not on Rx treatment
Concentrated market: ~44,000 doctors write half the TRx’s
– 30% of highest prescribing doctors are specialists
• Top decile prescribers average >1000 Rx’s /year
Opportunity to accelerate prescription growth with the
introduction of a novel and differentiated product
– 70% of patients would ask for Silenor on the next doctor visit
– 12% of patients stated they would make a special visit to ask for Silenor
Sources: IMS Health data, Roth et al, 1999, Somaxon Market Research_2008 (Insomnia Treatment: The Consumer
Perspective N=1,764)
12

8. Sleep Maintenance is Primary Issue
Sleep Problem in Past Month At Least a Few Nights/Week
Rarely, Never, Any Sleep Problem 26%
Don’t know Difficulty Falling Asleep
65% 29%
Early Morning
Awakenings
42%
Frequent Nocturnal
35% Awakenings
49%
Woke Unrefreshed
National Sleep Foundation.
Summary of findings: 2008 Sleep in America poll. n = 1760 respondents
13

9. Insomnia Market
Current options force patients and physicians to
compromise
– GABA-ergic drugs provide varying degrees of efficacy but
involve compromise on tolerability and risk of addiction
– OTCs address addiction concerns but involve compromise
on efficacy and tolerability
– Melatonin-receptor agonists address addiction and
tolerability concerns but involve compromise on efficacy
Only 25% of patients “Very Satisfied” with current
insomnia prescription and 40% claim they switched
medications in the last year.
Source: Somaxon Market Research_2008 (Insomnia Treatment: The Consumer Perspective N=1,764)
14

10. A Novel Treatment for Insomnia
Silenor

11. Starting With a Differentiated
Mechanism of Action
Histamine (H1) is one of several waking neuro-transmitters
important in the arousal system
Silenor has high affinity for H1 receptors
– Twenty-fold more potent than diphenhydramine, and significantly more
selective
Silenor has significant effects at night through the blockade of
H1, which promotes and maintains sleep
Specific H1 blockade does not prevent or diminish arousal due
to other neurotransmitters in the arousal system
Sources: Mansbach, ECMP 2008 Poster Presentation
16

12. Sleep Efficiency Throughout the Night
95%
90%
85%
80%
PBO
Sleep Efficiency
75%
DXP 3 mg
70% DXP 6 mg
65%
60%
55%
Hour of the Night
50%
1 2 3 4 5 6 7 8
3 mg 0.0671 0.0014 0.0002 0.0650 0.0693 0.0063 0.3916 <0.0001
6 mg 0.1040 0.0001 0.0006 0.0020 0.0282 <0.0001 0.0492 <0.0001
Source: Somaxon Phase 3 Clinical Study Results (Study SP-0501 Adult Chronic 35 day)
17

13. Incidence (%) of Treatment-Emergent Adverse Reactions
in Long-term Placebo-Controlled Clinical Trials
Silenor Silenor
System Organ Class Placebo 3 mg 6 mg
Preferred Term* (N=278) (N=157) (N=203)
Nervous System Disorders
Somnolence/Sedation 4 6 9
Infections and Infestations
Upper Respiratory Tract 2 4 2
Infection/Nasopharyngitis
Gastroenteritis 0 2 0
Gastrointestinal Disorders
Nausea 1 2 2
Vascular Disorders
Hypertension 0 3 <1
* Includes reactions that occurred at a rate of ≥ 2% in any Silenor-treated group and at
a higher rate than placebo.
18 Source: Silenor® Package Insert_March 2010

14. Silenor: Just What the Patient Ordered
Treat sleep maintenance insomnia
– The most significant insomnia complaint
– 7-8 hours of sleep with Silenor
Prevention of early morning awakenings – a full night’s sleep
– Unique potential positioning for Silenor
Attractive safety profile
– NO clinically meaningful evidence of next-day residual effects
– NOT DEA scheduled
– NO abuse potential
– NO risk of dependency
– NO withdrawal symptoms
– NO tolerance with long term use
– NO complex sleep behaviors observed
– NO amnesia, hallucinations or other GABA-related side effects
– NO disruption of sleep stages
19

15. Silenor Commercialization
Silenor

16. Changing Market Dynamics Create Opportunities
Solid “window of opportunity” for new treatments
– A void of new and differentiated insomnia treatments since 2006
– No “novel” compounds expected to launch in near term
• Clinical and regulatory setbacks for several drugs in development
• Somaxon estimates several years before new competition comes to market
Number of primary details is decreasing
– Recent sales force reductions
– Competitive brands lack differentiated message
Competitive promotional spending is decreasing
– DTC spending down dramatically year-over-year
– Consistent trend across brands
21

17. “Plan to Win”
Capitalize on the Changing Market Dynamics
– Competitor “turbulence”
– Lack of differentiated insomnia treatments
– Shift from expensive DTC strategy
Pre-launch - Raise Awareness
– Web based initiatives
– Publications
– Professional meetings (e.g. APSS)
Launch with a Competitive Sales Force
– Target high value physicians
– Utilize non-personal promotional efforts to leverage into lower deciles
– Exploit Silenor sampling advantage
Integrated Professional Campaign Developed
– Strong branding elements
– Patient Education Programs
– Technology driven physician education
Targeted Consumer Campaign Developed
– “Direct to Insomniac” communication via Web
– Point of Care Programs/Public Relations
22

18. Silenor Branding
Brand Identity
– Refreshingly Different
Positioning
-Silenor is first-line therapy
for sleep maintenance
insomnia
Key Messages
– A full 7-8 hours of sleep
Broad clinical profile
– Safe for chronic use
Safety
– Non-addicting, no abuse potential
Tolerability
– Placebo-like side effect profile
Patient benefits – No meaningful hangover effect
– Unique MOA
23

19. Professional Campaign
Integrated marketing campaign to reach High Value Physicians (HVP)
with both personal and non-personal promotional efforts
– Messaging Finalized
• Supportive sales aids and branded marketing materials
– Brand Awareness programs
– Leverage on-line/media
Packaging designed to reinforce Brand imagery and product features
– Reliance on dose pack but bottles available
– Sample and trade packaging identical and distinctive
Samples – a competitive advantage
– Drives physician access
– 4 count sample packs for sales rep delivery and direct distribution
24

20. Silenor Branding
25

21. Patient Starter Kit
26

22. Patient Brochure / Co-Pay Card
27

23. Silenor Dose Pack
28

24. Direct to Consumer Campaign
Web and Point of Care outreach “Direct to Insomniac”
Web property deployment
– www.silenor.com
– Search engine optimization
– User database
Outreach through Web MD
– Directed approach
– Most trusted and searched website for medical inquiries
Public Relations
– Media outreach at launch
Point of Care – Pharmacy
– Direct product messaging to OTC sleep aid and anti-depressant users
Point of Care – MD Office
– In-office video and print materials
• Rep and direct distributed
29

25. Silenor.com
30

26. Somaxon Pharmaceuticals, Inc.
Corporate Summary

27. Commercial Collaboration for Silenor
Traditional M&A to
Co-promotion
licensing gain access to
with shared
with sales
revenues and
co-promotion infrastructure/
costs
rights products
GOALS
Successful Silenor launch in 2H 2010
Build a focused Somaxon commercial organization
Maximize shareholder value
32

28. Financials
Cash, cash equivalents $58.5 MM
& marketable securities
(3/31/10)
Shares outstanding 34.3 MM
Fully diluted shares 42.7 MM
33

29. Somaxon Value Proposition
Silenor
– Highly differentiated insomnia treatment
– Favorable market dynamics
– “Launch ready” campaign
– Attractive market potential
Experienced management team
– Significant commercial transaction and product launch experience
2010 milestones
– Potential Silenor commercial collaboration(s)
– Deploying a specialty commercial operation
– 2H 2010 Silenor launch in US
34

30. Somaxon Pharmaceuticals, Inc.