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Orexigen(R) Therapeutics Announces First Quarter 2009 Financial Results
Date:5/7/2009

-- Management to host call and webcast today at 5:00 p.m. Eastern to discuss financial results and recent business highlights --

SAN DIEGO, May 7 /PRNewswire-FirstCall/ -- Orexigen(R) Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced unaudited financial results for the three months ended March 31, 2009.

Three Months Ended March 31, 2009

As of March 31, 2009, Orexigen held $19.8 million in cash and cash equivalents and an additional $44.9 million in investment securities, available-for-sale.

For the three months ended March 31, 2009, Orexigen reported a net loss of $19.3 million, or $0.56 per share attributable to common stockholders, as compared to a net loss of $23.2 million, or $0.73 per share attributable to common stockholders, for the comparable period in 2008.

Total operating expenses for the three months ended March 31, 2009 were $19.1 million compared to $24.0 million for the comparable period in 2008. The decreased operating expenses were due primarily to a decrease of $5.9 million in research and development expenses in connection with the Company's Contrave(R) Phase 3 clinical trials, related proprietary product formulation work and consulting activities, partially offset by an increase in salaries and personnel related costs. In addition, general and administrative expenses increased approximately $46,000 due primarily to an increase in salaries and personnel related costs.

"This is a momentous time for Orexigen," said Michael Narachi, President and CEO. "We are collecting the last of our patient data for the Contrave Phase 3 development program. We believe that if the data is positive, Contrave should have the ability to address a tremendously underserved obesity market. W
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SOURCE Orexigen Therapeutics, Inc.
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