Orexigen revises obesity drug data, shares fall

Orexigen Therapeutics Inc said on Tuesday that fewer patients achieved key weight loss goals when taking its experimental obesity drug than originally reported, sending the company's stock down 11 per cent.

The company said only 50.5 per cent of patients who took the drug, Contrave, lost 5 per cent or more of their body weight after 56 weeks, compared with a previously reported figure of 56.3 per cent. Only 28.3 per cent of patients lost 10 per cent or more of body weight, compared with a previous figure of 32.9 per cent. Michael Narachi, the company's chief executive, said in an interview that the downward revision was the result of an omission in the program used to calculate the numbers."It is odd that we didn't catch it," he said. "But it doesn't materially change our story." Contrave combines the antidepressant Wellbutrin, known generically as bupropion, and naltrexone, which is used to treat alcoholism. Orexigen, based in La Jolla, California, is seeking a partner to help launch the drug. Narachi said the company is running a competitive bidding process and would rather sign a deal before the drug is approved, even if it means receiving a smaller upfront payment, in order to hit the ground running once it is approved.