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Orexigen® Therapeutics Announces Corporate Realignment
Date:2/9/2011

SAN DIEGO, Feb. 9, 2011 /PRNewswire/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), today announced that it has implemented a corporate realignment of the Company's workforce, resulting in a reduction in staff of approximately 40%, or 23 employees.  The Company took these steps due to the Complete Response Letter it received from the U.S. Food and Drug Administration ("FDA") on January 31, 2011 regarding the New Drug Application ("NDA") for Contrave®, the Company's lead product candidate for the treatment of obesity.  The Company is in the process of updating its corporate strategy following the receipt of the Complete Response Letter.  As part of this process, the Company decided to implement this workforce reduction in an effort to organize around the near-term activities the Company intends to conduct as well as reduce its cash expenditures.

"We continue to believe in the potential of Contrave and look forward to discussions with the FDA," said Mike Narachi, Orexigen CEO.  "Unfortunately, given the near term uncertainty of Contrave approval, we felt it prudent to consolidate and focus our resources.  We are deeply grateful for the dedication and tremendous effort provided by all of our colleagues who are impacted by this realignment."

The Company expects to incur restructuring charges in the first quarter of 2011 of approximately $2.6 million in connection with one-time employee termination costs, including severance and other benefits.  Substantially all of these charges are expected to represent cash expenditures.  The Company expects the workforce reduction to reduce annualized cash expenditures by approximately $5.0 million.  The Company will provide an update on activities at their Q4 and year-end earnings call in March.  

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