Pernix Therapeutics Completes Acquisition of Somaxon Pharmaceuticals, Inc.

  Pernix Therapeutics Completes Acquisition of Somaxon Pharmaceuticals, Inc.

Business Wire

THE WOODLANDS, Texas -- March 6, 2013

Pernix Therapeutics Holdings, Inc. (“Pernix”) (NASDAQ: PTX) today announced
the completion of its acquisition of Somaxon Pharmaceuticals, Inc. (“Somaxon”)
(NASDAQ: SOMX) following the approval of the transaction by stockholders of
Somaxon at the special meeting held on March 6, 2013.

Under the terms of the agreement announced on December 11, 2012, Pernix
acquired all of the common stock of Somaxon in a stock-for-stock transaction
with a total value of $25 million.

Somaxon stockholders will receive approximately 3,665,689 shares of Pernix
common stock based on a per share price of Pernix’s common stock of $6.82, the
volume-weighted average price of Pernix’s common stock over the 30-day period
ending on the day immediately prior to today’s closing.

Cooper Collins, President and CEO of Pernix, said, “We are pleased to complete
the acquisition of Somaxon, which is expected to continue to broaden our
product portfolio. We expect Silenor to be an important addition to our
product line that will be promoted by our sales force, and we may also develop
Silenor as an OTC product.”

Silenor® (doxepin) is approved for the treatment of insomnia characterized by
difficulty with sleep maintenance and is not a controlled substance. In
clinical trials, Silenor demonstrated maintenance of sleep, including into the
seventh and eighth hours of the night, with no meaningful evidence of next day
residual effects and an overall adverse events profile that was comparable to
placebo.

Stifel Nicolaus Weisel acted as financial advisor to Somaxon in the
transaction.

Important Safety Information About Silenor

Because sleep disturbances may be caused by underlying physical and/or
psychiatric disorders, symptomatic treatment of insomnia should be initiated
only after a careful evaluation of the patient. The failure of insomnia to
remit after 7-10 days of treatment may indicate the presence of a primary
psychiatric and/or medical illness that should be evaluated.

Patients should only take Silenor when they are prepared to get a full night’s
sleep. Silenor should be taken within 30 minutes of bedtime, and patients
should confine their activities after ingestion to those necessary to prepare
for bed. Patients should not consume alcohol or take other drugs that cause
drowsiness with Silenor. Co-administration of monoamine oxidase inhibitors
(MAOIs) with Silenor has not been studied and is not recommended. Patients
should not take Silenor if they have untreated narrow angle glaucoma, severe
urinary retention, severe sleep apnea or hypersensitivity to any of the
ingredients in Silenor. Patients should avoid engaging in hazardous activities
such as operating a motor vehicle or heavy machinery at night after taking
Silenor, and patients should be cautioned about potential impairment in the
performance of such activities that may occur during the day following
ingestion. Before taking Silenor, patients should tell their doctors if they
have a history of depression, mental illness or suicidal thoughts.

Hypnotics have been associated with complex behaviors such as sleep driving,
preparing and eating food, making phone calls, or having sex. Drowsiness,
upper respiratory tract infections and nausea were the most common adverse
events observed in Silenor clinical trials.

About Pernix Therapeutics Holdings, Inc.

Pernix Therapeutics is a specialty pharmaceutical company primarily focused on
the sales, marketing, manufacturing and development of branded, generic and
OTC pharmaceutical products. The Company manages a portfolio of branded
products, including the recently acquired Hawthorn Pharmaceuticals’ product
line. The Company’s branded products for the pediatrics market include CEDAX®,
an antibiotic for middle ear infections, NATROBA™, a topical treatment for
head lice marketed under an exclusive co-promotion agreement with ParaPRO,
LLC, and a family of treatments for cough and cold (ZUTRIPRO®, BROVEX®, ALDEX®
and PEDIATEX®). The Company’s branded products for gastroenterology include
OMECLAMOX-PAK®, a 10-day treatment for H. pylori infection and duodenal ulcer
disease, and REZYST™, a probiotic blend to promote dietary management. The
Company also markets the branded product, SILENOR, for the treatment of
insomnia. The Company promotes its branded pediatric and gastroenterology
products through its sales force. Pernix markets its generic products through
its wholly-owned subsidiaries, Cypress Pharmaceutical and Macoven
Pharmaceuticals. The Company’s wholly-owned subsidiary, Great Southern
Laboratories, manufactures and packages products for the pharmaceutical
industry in a wide range of dosage-forms. A product candidate utilizing
cough-related intellectual property is in development for the U.S. OTC market.
Founded in 1996, the Company is based in The Woodlands, TX.

Additional information about Pernix is available on the Company’s website
located at www.pernixtx.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including future
financial and operating results, benefits and synergies of the proposed
merger, potential cost savings, future opportunities for the combined company
and any other statements about Pernix’s future expectations, beliefs, goals,
plans or prospects. Statements including words such as “estimate,” “plan,”
“project,” “forecast,” “intend,” “view,” “hope,” “could,” “will,” “should,”
“expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions
should also be considered forward-looking statements. Because these statements
reflect current views, expectations and beliefs concerning future events,
these forward-looking statements involve risks and uncertainties and
assumptions as to future events that may not prove to be accurate. Pernix
provides no assurances regarding its future performance, ability to realize
future benefits, cost savings and synergies of the completed merger or future
opportunities for the combined company. The following factors, among others,
could cause actual results to differ materially from those described in the
forward-looking statements: the challenges and costs of integrating,
restructuring and achieving anticipated cost savings and synergies and other
economic, business, competitive, and/or regulatory factors affecting the
business of Pernix generally. In addition to these factors, investors should
note the other factors described under the caption "Risk Factors" in Pernix’s
Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange
Commission and as otherwise enumerated herein or therein. These
forward-looking statements speak only as of the date hereof. Pernix disclaims
any intention or obligation to update any forward-looking statements as a
result of developments occurring after the date of this document.

Contact:

Pernix Therapeutics Holdings, Inc.
Joseph T. Schepers, (800) 793-2145 ext. 3002
Director, Investor Relations
jschepers@pernixtx.com