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Orexigen® Therapeutics Reports Fourth Quarter and Year Ended December 31, 2010 Financial Results
Date:3/10/2011

SAN DIEGO, March 10, 2011 /PRNewswire/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced financial results for the three months and year ended December 31, 2010.  

Three months ended December 31, 2010

For the three months ended December 31, 2010, Orexigen reported a net loss of $11.3 million, or $0.24 per share, as compared to a net loss of $15.0 million, or $0.32 per share, for the fourth quarter of 2009.  As of December 31, 2010, Orexigen had $24.9 million in cash and cash equivalents and an additional $67.4 million in marketable securities, for a total of $92.3 million.

Total operating expenses for the fourth quarter of 2010 were $12.0 million compared to $14.8 million for fourth quarter of 2009.  The decrease in operating expenses primarily reflects a decrease in research and development expenses of $2.5 million principally related to the reduction of certain product development costs for Contrave in the fourth quarter of 2010 as compared to same period in 2009.

Year ended December 31, 2010

For the year ended December 31, 2010, Orexigen reported a net loss of $51.9 million, or $1.10 per share, as compared to a net loss of $66.6 million, or $1.67 per share, for 2009. Total operating expenses for the year ended December 31, 2010 were $52.6 million compared to $65.6 million for 2009.  The decreased operating expenses were due primarily to a reduction in research and development expenses of $19.3 million related to the completion of our Contrave Phase 3 clinical trials and completion of our Phase 2 clinical trial for Empatic, offset partly by an increase in general and administrative costs of $6.3 million due principally to increases in salaries and personnel related costs, stock-based compensation expense and legal expenses.

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SOURCE Orexigen Therapeutics, Inc.
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