Orexigen Therapeutics provides update on business and financial results for Q1 2015

Orexigen Therapeutics, Inc.May 8 2015

Orexigen Therapeutics, Inc. (Nasdaq: OREX) today announced business and financial results for the first quarter ended March 31, 2015.

"We are very pleased to report $11.5 million in Contrave net sales in the first full quarter following the October U.S. launch," said Mike Narachi, CEO of Orexigen. "Since the introduction of Contrave, growth of the overall obesity drug market has accelerated with a 15% increase in filled obesity drug prescriptions in the first quarter 2015 as compared to the same period in 2014. We expect Contrave to continue to gain share in this rapidly growing market."

Narachi continued: "The approval of Mysimba™ in Europe in March was an important milestone for Orexigen. We are excited about the market opportunity for Mysimba in Europe and other regions outside the United States."

Contrave (naltrexone HCl and bupropion HCl extended release) and Mysimba (naltrexone HCl / bupropion HCl prolonged release) update:

Orexigen's partner for North America, Takeda Pharmaceuticals, recorded Contrave U.S. net sales of $11.5 million, for which Orexigen earned $2.3 million in royalties.

According to IMS Health, 31,765 prescriptions for Contrave were filled in January; 36,387 in February; and 49,041 in March 2015.

On March 26, 2015, Mysimba was approved by the European Commission as an adjunct to a reduced-calorie diet and increased physical activity, for the management of weight in adult patients (≥18 years) with an initial Body Mass Index (BMI) of ≥ 30 kg/m² (obese), or ≥ 27 kg/m² to ˂ 30 kg/m² (overweight) in the presence of one or more weight-related co-morbidities (e.g., type 2 diabetes, dyslipidaemia, or controlled hypertension). This authorization applies to all 28 European Union (EU) member states.

Financial results for the three months ended March 31, 2015
For the three months ended March 31, 2015, Orexigen reported a net loss of $17.2 million, or $0.14 per share, as compared to a net loss of $24.9 million, or $0.23 per share, for the first quarter of 2014.

Total operating expenses for the first quarter of 2015 were $19.8 million compared to $24.0 million for the first quarter of 2014.

As of March 31, 2015, Orexigen had $75.1 million in cash and cash equivalents and an additional $113.5 million in marketable securities, for a total of $188.6 million.