ARTICLE | Financial News

Orexigen, Arena up after hours on Qnexa vote

February 23, 2012 12:50 AM UTC

Shares of obesity companies Orexigen Therapeutics Inc. (NASDAQ:OREX) and Arena Pharmaceuticals Inc. (NASDAQ:ARNA) were up in after-hours trading following an FDA panel's vote in favor of obesity product Qnexa from Vivus Inc. (NASDAQ:VVUS) (see above). Orexigen rose $0.17 to $3.21 on the day and was up a further $0.61 (19%) to $3.82 after market. Arena finished up a penny to $1.81 before rising $0.34 (19%) to $2.15 after the close. Orexigen is designing a cardiovascular outcomes trial for Contrave, a fixed-dose combination of naltrexone and bupropion, in response to a 2011 complete response letter. A resubmitted NDA for Arena's lorcaserin will be reviewed by an FDA panel next quarter before a June 27 PDUFA date. Lorcaserin, a serotonin (5-HT2C) receptor agonist, received a complete response letter in 2010. ...