Orexigen Raises $70M

Luke Timmerman7/23/09

Orexigen Therapeutics, the San Diego-based developer of an experimental obesity drug, said today it has raised $70.9 million through a stock offering. The company (NASDAQ: OREX) sold 10 million shares at $7.50 apiece, then subtracted underwriting discounts and expenses. Orexigen announced earlier in the week that three large clinical trials of 4,500 patients reached their goals, of helping patients lose weight or reduce blood sugar, cholesterol, and other risk factors.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.