Net Proceeds Delivered to Orexigen of $86.9 Million
SAN DIEGO, Dec. 22, 2011 /PRNewswire/ -- Orexigen Therapeutics, Inc. (Nasdaq: OREX) today announced the completion of its public offering of 5,646,173 units. Each unit consisted of one share of common stock and a warrant to purchase ten shares of common stock, at a price to the public of $1.45 per share of common stock and $1.449 per warrant to purchase each share of common stock, which together comprised the purchase price of $15.94 per unit. Net proceeds, after underwriting discounts and commissions and estimated expenses, were approximately $86.9 million. The underwriter does not have an option to purchase any additional units in this offering. Leerink Swann LLC acted as sole manager for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 17, 2009. The offering was made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained from Leerink Swann LLC , Attention: Syndicate Department, One Federal Street, 37th Fl., Boston, MA 02110 or by calling Leerink Swann LLC, toll free, at 1-800-808-7525, Ext. 4814.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Orexigen® Therapeutics
Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the treatment of obesity. Contrave® has completed Phase 3 clinical trials, and the Company's other product candidate, Empatic™, has completed Phase 2 clinical trials. Further information about the Company can be found at www.orexigen.com.
SOURCE Orexigen Therapeutics, Inc.