Orexigen Therapeutics, the San Diego-based developer of an experimental obesity drug, said today it has raised $70.9 million through a stock offering. The company (NASDAQ: [[ticker:OREX]]) sold 10 million shares at $7.50 apiece, then subtracted underwriting discounts and expenses. Orexigen announced earlier in the week that three large clinical trials of 4,500 patients reached their goals, of helping patients lose weight or reduce blood sugar, cholesterol, and other risk factors.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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