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Orexigen Therapeutics Reports Business and Financial Results for the Third Quarter Ended September 30, 2013
Date:11/12/2013

SAN DIEGO, Nov. 12, 2013 /PRNewswire/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced business and financial results for the third quarter ended September 30, 2013.

For the three months ended September 30, 2013, Orexigen reported a net loss of $18.6 million, or $0.19 per share, as compared to a net loss of $30.6 million, or $0.44 per share, for the third quarter of 2012.

Total operating expenses for the third quarter of 2013 were $19.4 million compared to $31.5 million for the third quarter of 2012. This overall decrease in operating expenses reflects a decrease in research and development expenses associated with the conduct of the Light Study, the Contrave® cardiovascular outcomes trial. As of September 30, 2013, Orexigen had $48.7 million in cash and cash equivalents and an additional $34.1 million in marketable securities, for a total of $82.8 million.

Orexigen indicated that 2013 change in cash, cash equivalents, and marketable securities is trending to the lower end of the guidance range.  Orexigen now projects 2013 net decrease in cash, cash equivalents, and marketable securities to be between $70 million and $75 million.  The Company will commence certain active pharmaceutical ingredient (API) purchases after the Light Study interim analysis, in order to fulfill Contrave launch order requirements, which will be subsequently reimbursed by its North American commercial partner, Takeda Pharmaceuticals, once final product is shipped.  With this updated guidance, Orexigen expects to end the year with approximately $62-$67 million in cash, cash equivalents, and marketable securities.

"This is an exciting time at Orexigen, as we make final preparations for the Light Study interim analysis," said Michael Narachi, Chief Executive Officer of Orex
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SOURCE Orexigen Therapeutics, Inc.
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