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Orexigen Therapeutics Reports Financial Results for the Second Quarter Ended June 30, 2012
Date:8/7/2012

SAN DIEGO, Aug. 7, 2012 /PRNewswire/ -- Orexigen® Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced financial results for the second quarter of 2012. For the three months ended June 30, 2012, Orexigen reported a net loss of $16.7 million, or $0.25 per share, as compared to a net loss of $7.6 million, or $0.16 per share, for the second quarter of 2011. As of June 30, 2012, Orexigen had $67.4 million in cash and cash equivalents and an additional $58.8 million in marketable securities, for a total of $126.2 million.

Total operating expenses for the second quarter of 2012 were $17.6 million compared to $8.3 million for the second 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.

"We are pleased to see that the coordinated effort of our team and our partners is resulting in terrific progress for the Light Study, which continues to rapidly enroll the targeted patient population," said Michael Narachi, president and CEO of Orexigen. "We remain focused on doing everything we can to pull forward the time to resubmission of the Contrave NDA."

"We are encouraged that the FDA has recently approved two weight loss drugs, and we congratulate our colleagues at Arena and Vivus on their recent success," Narachi continued. "With a pipeline of two late stage obesity therapeutics, this is clearly also good news for Orexigen."

Product candidate update:

  • Contrave® (32 mg naltrexone sustained-release (SR)/360 mg bupropion SR) for the treatment of obesity: In the second quarter, Orexigen initiated the Light Study which is designed to be conducted at approximately 300 sites in the United States. The primary ob
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