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Orexigen(R) Therapeutics Announces Third Quarter 2008 Financial Results
Date:11/6/2008

- Management to host call and webcast today at 5:00 p.m. Eastern to discuss

financial results and recent business highlights -

SAN DIEGO, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Orexigen(R) Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity and other central nervous system-related disorders, today announced unaudited financial results for the three and nine months ended September 30, 2008.

Three Months Ended September 30, 2008

As of September 30, 2008, Orexigen held $52.5 million in cash and cash equivalents and an additional $47.6 million in investment securities, available-for-sale, for a total balance of $100.1 million. Orexigen holds primarily treasury-backed securities, money market funds and agency instruments guaranteed by the U.S. federal government. The Company's exposure to corporate debt instruments is modest, and comprised exclusively of commercial paper rated at least A1+/P1, with average maturity less than 90 days. The Company does not have any auction rate securities on its balance sheet.

For the three months ended September 30, 2008, Orexigen reported a net loss of $24.8 million, or $0.72 per share attributable to common stockholders, as compared to a net loss of $14.5 million, or $0.54 per share attributable to common stockholders, for the comparable period in 2007.

Total operating expenses for the three months ended September 30, 2008 were $25.1 million compared to $15.6 million for the comparable period in 2007. The increased operating expenses were due primarily to an $8.6 million increase in research and development expenses in connection with the Company's Contrave(R) Phase 3 clinical trials, related proprietary product for
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SOURCE Orexigen Therapeutics, Inc.
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