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Orexigen(R) Therapeutics Announces Second Quarter 2009 Financial Results
Date:8/6/2009

SAN DIEGO, Aug. 6 /PRNewswire-FirstCall/ -- Orexigen(R) Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced unaudited financial results for the three months ended June 30, 2009.

Three Months Ended June 30, 2009

As of June 30, 2009, Orexigen held $8.6 million in cash and cash equivalents and an additional $37.4 million in investment securities, available-for-sale. In July 2009, Orexigen completed a public offering, the estimated net proceeds of which totaled $81.6 million. The pro forma balance of cash, cash equivalents and investments, available-for-sale, including the estimated net proceeds of the public offering, is $127.6 million.

For the three months ended June 30, 2009, Orexigen reported a net loss of $17.8 million, or $0.51 per share attributable to common stockholders, as compared to a net loss of $23.1 million, or $0.67 per share attributable to common stockholders, for the comparable period in 2008.

Total operating expenses for the three months ended June 30, 2009 were $17.6 million compared to $23.7 million for the comparable period in 2008. The decreased operating expenses were due primarily to a decrease of $6.3 million in research and development expenses in connection with the completion of the Company's Contrave(R) Phase 3 clinical trials, reduced product formulation work and consulting activities, partially offset by an increase in licensing costs, New Drug Application preparation costs, salaries and personnel related costs. In addition, general and administrative expenses increased approximately $200,000 due primarily to an increase in salaries and personnel related costs.

"The recent completion of the COR Phase 3 program was a major milestone for Orexi
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SOURCE Orexigen Therapeutics, Inc.
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