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Orexigen Shares Plummet Following FDA Decision; Competition Gets A Bump

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Orexigen Therapeutics (NASDAQ: OREX) on Tuesday announced that the FDA has issued a three-month extension for the review of Orexigen's new weight-loss drug, NB32.

The FDA report indicated the reason for the extension was to reach an agreement on the post-marketing obligation of cardiovascular outcomes.

Orexigen CEO Michael Narachi commented, "We are encouraged by the high level of engagement with the FDA, and are confident that we can reach agreement on the remaining post-marketing obligation."

Following the pre-market announcement, shares of Orexigen have fallen as much as 17 percent and were trading around the $5.62 mark, at last check.

Orexigen competitors, Arena Pharmaceuticals (NASDAQ: ARNA) and VIVUS (NASDAQ: VVUS) have received a ~5 percent and ~1 percent bump, respectively, in response to the announcement.

Posted-In: News FDA

 

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