Orexigen Therapeutics Inc. (Nasdaq: OREX) shares jumped 17.7% to $3.33 Wednesday, after the diet-pill developer said it would make a regulatory announcement about its obesity treatment in two days. Volume for the stock was 8.2 million shares, or more than six times its daily average.
The San Diego-based Orexigen has announced a regulatory update on Friday, June 3, before the markets open. The announcement will be followed by a live webcast and conference call at 8:00 a.m. Eastern time. No one from Orexigen management was immediately available for comment.
The company’s lead product, Contrave®, has completed Phase 3 clinical trials and has received a Complete Response Letter from the FDA for its New Drug Application. The Company is in the process of determining the next steps for Contrave.
The Company’s second product, Empatic™, has completed Phase 2 clinical development. Each product candidate is designed to act on a specific group of neurons in the central nervous system with the goal of achieving appetite suppression and sustained weight loss, through combination therapeutic approaches.