SAN DIEGO, Nov. 24 /PRNewswire-FirstCall/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced that on November 18, 2009 the Compensation Committee of the Company's Board of Directors granted an inducement stock option to purchase 200,000 shares of common stock to Preston Klassen, M.D., its newly appointed Head of the Global Contrave Program.
The stock option is intended to be an incentive stock option to the extent permitted by law and has an exercise price per share equal to $7.52, the fair market value on the grant date. The stock option vests over the course of four years, with 25% vesting on the one-year anniversary of the grant date and 1/48 of the shares vesting monthly thereafter so that all of the shares subject to the stock option shall be vested on the fourth anniversary of the grant date, subject to Dr. Klassen's continued service relationship with the Company on each such date. This stock option has a ten year term and is subject to the terms and conditions of the Company's 2007 Equity Incentive Award Plan and the stock option agreement pursuant to which the option is granted.
The stock option was granted as an inducement material to Dr. Klassen's entering into employment with Orexigen Therapeutics in accordance with NASDAQ listing Rule 5635(c)(4).
About Orexigen Therapeutics
Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the treatment of obesity. The Company's lead investigational product, Contrave®, 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), has completed Phase 2 clinical development. 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.
Orexigen cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "indicates," "will," "intends," "potential," "suggests," "assuming," "designed" and similar expressions are intended to identify forward-looking statements. These statements are based on the Company's current beliefs and expectations. These forward-looking statements include statements regarding the potential for, and timing of, filing an NDA for Contrave. The inclusion of forward-looking statements should not be regarded as a representation by Orexigen that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the risk and uncertainties inherent in the Orexigen business, including, without limitation: additional analyses of data from the Contrave Phase 3 trials and any other clinical trials of Contrave may produce negative or inconclusive results, or may be inconsistent with previously announced results or previously conducted clinical trials; the FDA may not agree with the Company's interpretation of efficacy and safety results; the FDA may require Orexigen to complete additional clinical, non-clinical or other requirements prior to the submission or the approval of NDA for Contrave; the third parties on whom Orexigen relies to assist with the development programs for Contrave, including clinical investigators, contract laboratories, clinical research organizations and manufacturing organizations, may not successfully carry out their contractual duties or obligations or meet expected deadlines, and the quality or accuracy of the data or materials generated by such third parties may be of insufficient quality to include in the Company's regulatory submissions; and other risks described in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Orexigen undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995. All conclusions and determinations contained herein are subject to the Company's further analysis of the clinical data. The ultimate determination of the safety and efficacy of Contrave will be made by the FDA and other relevant regulatory authorities.
SOURCE Orexigen Therapeutics, Inc.
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