Orexigen Therapeutics and Arena Pharmaceuticals Soar On Positive Qnexa Panel Vote

On Wednesday after the closing bell, an FDA advisory panel voted 20-2 in favor of approving Vivus, Inc.'s VVUS weight-loss drug Qnexa. While the FDA is not required to follow the panel's recommendation, it is extremely likely that it will end up approving Qnexa in light of today's news. While VVUS is currently halted, shares of other biotech firms with similar wight-loss drugs in their pipelines are soaring on the positive FDA panel vote for Qnexa. In particular, Arena Pharmaceuticals ARNA has surged 8.29% to $1.96 while Orexigen Therapeutics OREX has jumped 12.46% to $3.61.