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Orexigen® Therapeutics Reports Third Quarter 2010 Financial Results
Date:11/3/2010

SAN DIEGO, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced financial results for the third quarter of 2010.  For the quarter ended September 30, 2010, Orexigen reported a net loss of $14.6 million, or $0.31 per share attributable to common stockholders, as compared to a net loss of $14.4 million, or $0.33 per share attributable to common stockholders, for the third quarter of 2009.  As of September 30, 2010, Orexigen had $8.4 million in cash and cash equivalents and an additional $92.2 million in marketable securities, for a total of $100.6 million.

"We had previously set three major goals for the Contrave® program:  partnership, approval and launch," said Michael Narachi, President and CEO of Orexigen. "In the third quarter, we succeeded in executing a North American partnership agreement with Takeda Pharmaceutical Company Limited, which we believe will further our goal of a strong, focused, U.S. market entry for Contrave, if approved. With a partnership in place our attention continues to be on the regulatory review process for Contrave."

Total operating expenses for the third quarter of 2010 were $14.8 million compared to $14.2 million for third quarter of 2009.  The increase in operating expenses primarily reflects an increase in license fees, stock-based compensation expense and salaries and personnel related costs, offset partly by a reduction in research and development expenses related to the completion of Contrave Phase 3 clinical trials and completion of the Phase 2 clinical trial for Empatic™. Notably, operating expenses in the third quarter included $3.0 million in milestones paid to third parties related to the execution of the Takeda collaboration.

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SOURCE Orexigen Therapeutics, Inc.
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