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Orexigen(R) Therapeutics Announces Proposed Public Offering of Common Stock
Date:7/22/2009

SAN DIEGO, July 22 /PRNewswire-FirstCall/ -- Orexigen Therapeutics, Inc. (Nasdaq: OREX) today announced that it intends to offer, subject to market and other conditions, 9,000,000 shares of its common stock in an underwritten public offering. In connection with this offering, Orexigen expects to grant to the underwriter a 30-day option to purchase up to an additional 1,350,000 shares of common stock to cover overallotments, if any. All of the shares are being offered by Orexigen. Leerink Swann LLC is acting as sole book-running manager for the offering.

The securities described above are being offered by Orexigen pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. When available, copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Leerink Swann LLC , Attention: Syndicate Department, One Federal Street, 37th Fl., Boston, MA 02110 or by calling Leerink Swann LLC, toll free, at 1-800-808-7525, Ext. 4814.

About Orexigen(R) Therapeutics

Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the treatment of obesity. The Company's lead investigational product, Contrave(R), has completed Phase 3 clinical trials and is on track for a regulatory submission with the FDA in the first half of 2010. The Company's second product, Empatic(TM), is in the later stages of Phase 2 clinical development, with results expected in the second half of 2009. Each product candidate is designed to act on a specific group of neurons in the central nervous system with the goal of achieving appetite suppression and sustained weight loss, through combination therapeutic approaches. Further information about the Company can be found at http://www.orexigen.com.


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SOURCE Orexigen Therapeutics, Inc.
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