Orexigen(R) Therapeutics Announces Third Quarter 2008 Financi...(mulation work and consulting activities ...)

Date:11/6/2008

mulation work and consulting activities, as well as an increase in salaries and personnel related costs. In addition, general and administrative expenses increased approximately $944,000 due primarily to increases in stock-based compensation expense, facilities expenses and costs related to consulting activities.

Nine Months Ended September 30, 2008

For the nine months ended September 30, 2008, Orexigen reported a net loss of $71.1 million, or $2.12 per share attributable to common stockholders, as compared to a net loss of $38.4 million, or $2.40 per share attributable to common stockholders, for the comparable period in 2007.

Total operating expenses for the nine months ended September 30, 2008 were $72.8 million compared to $40.6 million for the comparable period in 2007. The increased operating expenses were due primarily to a $28.5 million increase in research and development expenses in connection with the Company's Contrave Phase 3 clinical trials, related proprietary product formulation work and consulting activities, as well as an increase in salaries and personnel related costs. In addition, general and administrative expenses increased by $3.6 million due primarily to increases in stock-based compensation expense, salaries and personnel related costs and facilities expenses.

"This has been a highly productive quarter for Orexigen," said Gary Tollefson, M.D., Ph.D., President and CEO. "We completed enrollment in our ZB-202 Phase 2b clinical trial for Empatic(TM), initiated the Phase 2 proof-of-concept clinical trials for OREX-003 and OREX-004 and had a significant presence at the recent Annual Scientific Meeting of the Obesity Society, including reviewing important results from our lead obesity programs, Contrave and Empatic. We are eagerly awaiting data from our Contrave Phase 3 clinical trial, NB-302, and believe that we remain on track for an NDA filing for Contrave in late 2009."

Recent Highlights

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SOURCE Orexigen Therapeutics, Inc. Copyright©2008 PR Newswire. All rights reserved

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