BeaconEquity.com: Orexigen (OREX) Soars on Phat FDA Agreement for Obesity Drug
Orexigen Therapeutics Inc. spiked more than 58% this morning on word the company reached an agreement with the U.S. FDA that enables it to renew development of Contrave, its experimental obesity drug. The FDA rejected the Contrave New Drug Application (NDA) back in January this year. Orexigen shares roared 70% in pre-market trading, following news of obesity drug’s revival. Orexigen is one of three companies looking for an approval for weight loss treatment. In a Complete Response Letter to Orexigen, the FDA raised concerns about the cardiovascular risks relating to Contrave. Orexigen yesterday said that following a recent meeting with…