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Orexigen Therapeutics Reports Financial Results for the First Quarter Ended March 31, 2013
Date:5/8/2013

SAN DIEGO, May 8, 2013 /PRNewswire/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced financial results for the first quarter ended March 31, 2013.

For the three months ended March 31, 2013, Orexigen reported a net loss of $19.4 million, or $0.21 per share, as compared to a net loss of $10.4 million, or $0.16 per share, for the first quarter of 2012.

Total operating expenses for the first quarter of 2013 were $20.3 million compared to $11.3 million for the first quarter of 2012. This overall increase in operating expenses reflects an increase in research and development expenses associated with the conduct of the Light Study, the Contrave® cardiovascular outcomes trial.  As of March 31, 2013, Orexigen had $67.1 million in cash and cash equivalents and an additional $47.5 million in marketable securities, for a total of $114.6 million.

"In 2013 we are focused on strong execution of the Light Study, preparation for the interim analysis, and the subsequent resubmission of the Contrave NDA," said Michael Narachi , CEO of Orexigen. 

Narachi continued: "It has been gratifying to see recent recognition of the role weight loss should play in the management of diabetes.  In April the American Academy of Clinical Endocrinologists published the Comprehensive Diabetes Management Algorithm, 2013 which positions management of obesity via lifestyle modification or, as appropriate, anti-obesity drug therapies as an integrated approach to the management of prediabetes, glycemic control, and cardiovascular risk."

Product candidates:
Contrave (32 mg naltrexone sustained-release (SR)/360 mg bupropion SR) for the treatment of obesity: In 2012, Orexigen screened more than 13,000 patie
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SOURCE Orexigen Therapeutics, Inc.
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