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Orexigen Reports Q1 Results

Orexigen Therapeutics reported a net loss of $24.9 million, or 23 cents per share, for the first quarter ended March 31, compared with a net loss of $19.4 million, or 21 cents per share, for first quarter 2013.

Total operating expenses for first quarter 2014 were $24 million compared with $20.3 million for the like quarter in 2013, the company said.

Orexigen (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, also reported $37.6 million in cash and cash equivalents and an additional $117.5 million in marketable securities.

Orexigen is eligible to receive cash milestone payments of $100 million from Takeda Pharmaceuticals, between U.S. approval and first commercial sale of NB32, Orexigen said.

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NB32 is an investigational medicine for weight loss and the maintaining of weight loss.

The Food and Drug Administration assigned a Prescription Drug User Fee Act goal date of June 10 to complete its review of NB32.

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