SAN DIEGO, Nov. 4 /PRNewswire-FirstCall/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced unaudited financial results for the three months ended September 30, 2009.
Three Months Ended September 30, 2009
As of September 30, 2009, Orexigen held $56.9 million in cash and cash equivalents and an additional $50.9 million in investment securities, available-for-sale. Together, these amounts total $107.8 million.
For the three months ended September 30, 2009, Orexigen reported a net loss of $14.4 million, or $0.33 per share attributable to common stockholders, compared to a net loss of $24.8 million, or $0.72 per share attributable to common stockholders, for the comparable period in 2008.
Total operating expenses for the three months ended September 30, 2009, were $14.2 million compared to $25.1 million for the comparable period in 2008. The decreased operating expenses were due primarily to a decrease in research and development expenses in connection with the completion of the Company's Contrave® Phase 3 clinical trials, related proprietary product formulation work and consulting activities totaling approximately $12.9 million. The decrease was partly offset by an increase in costs incurred in connection with the preparation of the Contrave NDA and an increase in salaries and personnel related costs. In addition, general and administrative expenses increased approximately $1.0 million due primarily to an increase in salaries and personnel related costs, legal and accounting fees, recruiting expense and facilities costs.
"The recent completion of the COR Phase 3 program and the Phase 2b trial of Empatic(TM) were major milestones for Orexigen," said Mike Narachi, President and CEO of Orexigen. "The
|SOURCE Orexigen Therapeutics, Inc.|
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