July 23, 2009 (FinancialWire) — Orexigen Therapeutics, Inc. (NASDAQ: OREX) said it has priced an underwritten public offering of ten million shares of its common stock at a price of $7.50 per share. Leerink Swann is acting as sole bookrunning manager for the offering.

The company said it is expecting to see net proceeds of around $70.9 million. Orexigen has granted the underwriter a 30-day option to purchase up to an additional 1.5 million shares of common stock to cover overallotments.

Orexigen said that the offering is scheduled to close on or about July 28.

San Diego-based Orexigen Therapeutics is a biopharmaceutical company focused on the treatment of obesity. The company’s lead investigational product, Contrave, has completed Phase 3 clinical trials. Orexigen said that the drug is on track for a regulatory submission with the FDA in the first half of 2010.

The company’s second product, Empatic, is in the later stages of Phase 2 clinical development, with results expected in the second half of 2009.

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