OREXIGEN(TM) Therapeutics Completes $30 Million Series C Financing
SAN DIEGO, Nov. 22 /PRNewswire/ -- OREXIGEN(TM) Therapeutics, Inc., a privately held clinical-stage neuroscience company developing novel strategic approaches to the treatment of obesity, today announced the completion of a $30 million Series C private equity financing. Proceeds from the Series C financing will be used to advance OREXIGEN's clinical programs for its two lead drug candidates for the treatment of obesity and for general corporate purposes.
Existing investors participated in the financing, along with new investors MPM BioEquities and Wasatch Advisors.
About OREXIGEN Therapeutics
OREXIGEN(TM) Therapeutics, Inc. is a privately held clinical-stage neuroscience company in San Diego, California developing novel strategic approaches to the treatment of obesity. OREXIGEN leverages its proprietary science to design and screen drugs and drug combinations that work together in the central nervous system to enhance satiety, diminish appetite, improve energy expenditure and minimize the body's efforts to compensate for weight loss. OREXIGEN has two lead drug candidates in clinical trials, Contrave(TM) (phase II/III) and Excalia(TM) (phase IIb), along with a pipeline of earlier stage drug combinations now being tested. Each is designed to act on a specific group of neurons in the central nervous system with the goal of achieving appetite suppression and sustained weight loss. By targeting different groups of neurons OREXIGEN is working to develop compounds that each can achieve a different weight loss profile, providing rapid weight loss where required (Excalia) or emphasizing steady, sustainable weight loss where preferred (Contrave). Further information about the company can be found at www.orexigen.com.
OREXIGEN cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. These forward-looking statements include statements regarding the efficacy and safety of OREXIGEN's product candidates and the potential to obtain regulatory approval for, and effectively treat obesity with, any of these product candidates. The inclusion of forward-looking statements should not be regarded as a representation by OREXIGEN that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in OREXIGEN's business, including, without limitation: the scope and validity of patent protection for OREXIGEN's product candidates; the progress and timing of OREXIGEN's clinical trials, and the potential for OREXIGEN's product candidates to receive regulatory approval on a timely basis or at all; the market potential for obesity, and OREXIGEN's ability to compete in the obesity market. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and OREXIGEN undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.