The drug company Orexigen Therapeutics, which specializes in anti-obesity drugs, saw a further profits loss as it declared its second-quarter results.
The second quarter losses reached $16.7 million. To add to this the company has faced a rise in development costs, and its revenue remains the relatively small sum of $857,000.
The losses have increased as the company has faced set-backs in attempting to market its anti-obesity drugs Contrave and Empatic. Both drugs are held at the development stage, with Contrave now expecting to be ready for sale at the end of 2013 and with no release date for Empatic set. In 2011, the US Food and Drug Administration stated that company needed to provide more data in relation to its submission.
The news led to a dip in the company’s share price, which was down almost 6%..
Orexigen Therapeutics is a biopharmaceutical company, with headquarters in Los Angeles, which is focused on the development of pharmaceutical products for the treatment of obesity
A major concern for Orexigen Therapeutics is that the US Food and Drug Administration (FDA) has already approved two new obesity treatments this year, which means that competition will only intensify.