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The stock was down $1.75 just before 9:15 am ET, sliding to $4.30. If pre-market losses hold, the stock will open at its lowest level since mid-December.
Orexigen Therapeutics Thursday announced that the first of four phase 3 trials of its lead investigational product Contrave met its co-primary and key secondary endpoints, showing a significant reduction in body weight, improvements in markers of cardiovascular risk and reductions in selected food craving measures.
In this trial, obese patients treated with Contrave lost an average of 20.3 pounds to 25.0 pounds, or 9.3% to 11.5% of their baseline body weight, versus 11.0 pounds to 16.0 pounds, or 5.1% to 7.3% of baseline body weight, for patients treated with placebo. Contrave was generally well tolerated by patients.
The company said that it has completed patient enrollment in the three other phase 3 trials.
Orexigen expects to announce top-line results from these trials in mid-2009 and, pending additional positive results, submit a new drug application with the FDA in late 2009.
Cowen & Co. increased its 2009 estimate for the company to a loss of $2.10 per share from a loss of $2.55.
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