SAN DIEGO (AP) — Orexigen Therapeutics' second-quarter losses widened as it continues its attempt to push obesity drugs Contrave and Empatic to market.
Orexigen is conducting late-stage trials of Contrave and says it hopes to file for marketing approval in late 2013. Empatic is only in mid-stage testing.
The company took a loss of $16.7 million, or 25 cents per share, with research and development costs quadrupling in the second quarter. A year ago Orexigen lost $7.6 million, or 16 cents per share. Its revenue was unchanged at $857,000.
Analysts had expected loss of only 17 cents per share and also $900,000 in revenue, according to estimates compiled by FactSet.
The Food and Drug Administration has approved two new obesity treatments this year, clearing Arena Pharmaceuticals' Belviq in late June and Vivus' Qsymia in July. Both drugs are approved for patients who are overweight or obese and have at least one health problem related to their weight, such as high blood pressure, diabetes or high cholesterol.
Vivus plans to start selling Qsymia later this year, while Belviq is expected to reach the market in early 2013. The two pills were the first drugs approved for long-term weight loss since 1999.
Takeda Pharmaceuticals of Japan has the rights to market Contrave in North America. Orexigen still owns all the marketing rights to Empatic.
Shares of Orexigen Therapeutics Inc. slipped 8 cents to $4.37 in midday trading.
