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Orexigen® Therapeutics Reports Third Quarter Financial Results
Date:11/8/2011

SAN DIEGO, Nov. 8, 2011 /PRNewswire/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced financial results for the third quarter of 2011. For the three months ended September 30, 2011, Orexigen reported a net loss of $4.6 million, or $0.10 per share, as compared to a net loss of $14.6 million, or $0.31 per share, for the third quarter of 2010. As of September 30, 2011, Orexigen had $33.9 million in cash and cash equivalents and an additional $29.9 million in marketable securities, for a total of approximately $63.8 million.

"Based on feedback provided in written correspondence from the FDA's Office of New Drugs during the quarter, we were pleased to have identified a very clear and feasible path forward for Contrave®," stated Mike Narachi, Orexigen President and CEO. "We are now working diligently with our partner Takeda to finalize the details of the protocol with the FDA in order to begin enrollment of the cardiovascular outcomes trial (CVOT) in the first half of 2012."

Total operating expenses for the third quarter of 2011 were $5.4 million compared to $14.8 million for third quarter of 2010. This decrease in operating expenses primarily reflects a decrease in research and development expenses of $6.6 million principally related to the decrease in license fees, expenses related to our Contrave development program and salaries and personnel related costs. This overall decrease in operating expenses also reflects a decrease in general and administrative costs of $2.7 million principally related to decreases in salaries and personnel related costs, stock-based compensation expense and medical affairs expense.

Last month, the Company also presented new data in several posters at the annual meeting of The Obesity Society in Orlando, FL.  Data presentations included:

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SOURCE Orexigen Therapeutics, Inc.
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