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Orexigen Therapeutics Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012
Date:3/13/2013

SAN DIEGO, March 13, 2013 /PRNewswire/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced financial results for the fourth quarter and year ended December 31, 2012.

Three months ended December 31, 2012
For the three months ended December 31, 2012, Orexigen reported a net loss of $32.5 million, or $0.41 per share, as compared to a net loss of $4.3 million, or $0.09 per share, for the fourth quarter of 2011.

Total operating expenses for the fourth quarter of 2012 were $33.3 million compared to $5.2 million for the fourth quarter of 2011. This overall increase in operating expenses reflects an increase in research and development expenses associated with the conduct of the Light Study, the Contrave® cardiovascular outcomes trial.

Year ended December 31, 2012
For the year ended December 31, 2012, Orexigen reported a net loss of $90.1 million, or $1.27 per share, as compared to a net loss of $28.1 million, or $0.58 per share, for 2011.

Total operating expenses for 2012 were $93.7 million compared to $32.3 million for 2011. This overall increase in operating expenses reflects an increase in research and development expenses associated with the conduct of the Light Study.

As of December 31, 2012, Orexigen had $78.3 million in cash and cash equivalents and an additional $59.1 million in marketable securities, for a total of $137.4 million. Cash burn for 2013 is projected to be between $70 million and $85 million with total burn dependent on the timing of the Light Study interim analysis and associated pre-launch expenses.

"I am extremely proud of the work our team accomplished in 2012 to expedite enrollment of the Light Study, and our focus is now on 2013 which has the potential to be a pivotal year for Orexigen," said Michael Narachi, CEO of
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SOURCE Orexigen Therapeutics, Inc.
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