Orexigen(R) Therapeutics Announces Changes to Its Clinical Programs and Manag...( SAN DIEGO Dec. 5 /- Orexigen(R) Thera...),Health

SAN DIEGO, Dec. 5 /PRNewswire-FirstCall/ -- Orexigen(R) Therapeutics, Inc. (Nasdaq: OREX) today announced changes to conserve the Company's resources, focus its efforts on its late-stage obesity programs and realign its management team.

The key aspects of these changes are as follows:

-- The exploratory proof-of-concept Phase 2 trials for OREX-003 (zonisamide and olanzapine to mitigate antipsychotic-associated weight gain) and OREX-004 (fluoxetine and naltrexone to reduce symptoms of obsessive- compulsive disorder) will be discontinued effective immediately. The Company intends to maintain its intellectual property in these assets and retains the option to reinitiate these programs in the future.

-- Dr. Gary Tollefson has resigned as Director, President and Chief Executive Officer of the Company as of December 4, 2008, ending his previously announced leave of absence, and has elected to focus on his continued recovery from a previously disclosed diagnosis of acute leukemia. Orexigen has retained an executive search firm to assist it in finding a new, permanent CEO. In addition, Anthony McKinney, the Company's Chief Business Officer, and Frank Bymaster, the Company's Vice President of Neuroscience, will be leaving the Company effective as of today to pursue other opportunities. Dr. Michael Cowley, the Company's Chief Scientific Officer, will be stepping down from this position, but will transition to a consultant to the Company.

"While our balance sheet remains strong, the Company recognizes the challenges of the current economic environment and the need to focus our resources on our late-stage obesity programs," said Eckard Weber, M.D., the Company's Interim President and Chief Executive Officer and Executive Chairman. "I would like to thank Gary, along with the other members of the de
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