Orexigen Cutting Jobs to Conserve Cash
Orexigen(R) Cuts Jobs Due to FDA Response Letter
Orexigen(R) Therapeutics, Inc. staff will be reduced by about 40% to conserve cash after the Food and Drug Administration didn't approve Contrave™ requesting further studies on the long term effects of the drug on patients' cardiovascular systems. Mike Narachi, Orexigen's CEO, stated in a press release "We continue to believe in the potential of Contrave and look forward to discussions with the FDA. Unfortunately, given the near term uncertainty of Contrave™ approval, we felt it prudent to consolidate and focus our resources. We are deeply grateful for the dedication and tremendous effort provided by all of our colleagues who are impacted by this realignment."
As expected, Orexigen's (OREX) stock price took a hit after the FDA decision, dropping from the $8-9 range back to under $2.50 before coming back to Friday's close of $3.32.
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Orexigen(R) Therapeutics, Inc. staff will be reduced by about 40% to conserve cash after the Food and Drug Administration didn't approve Contrave™ requesting further studies on the long term effects of the drug on patients' cardiovascular systems. Mike Narachi, Orexigen's CEO, stated in a press release "We continue to believe in the potential of Contrave and look forward to discussions with the FDA. Unfortunately, given the near term uncertainty of Contrave™ approval, we felt it prudent to consolidate and focus our resources. We are deeply grateful for the dedication and tremendous effort provided by all of our colleagues who are impacted by this realignment."
As expected, Orexigen's (OREX) stock price took a hit after the FDA decision, dropping from the $8-9 range back to under $2.50 before coming back to Friday's close of $3.32.
Technorati Tags: Contrave™ naltrexone Diet Pills Weight Loss Pillsbupropion Diet Weight Loss Losing WeightEmpaticFDA
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posted by Ken MacKenzie @ 4:26 PM
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