SAN DIEGO, April 27, 2012 /PRNewswire/ -- Orexigen Therapeutics, Inc. (Nasdaq: OREX), a biopharmaceutical company focused on the treatment of obesity, today announced the appointment of Lota S. Zoth, CPA, to its board of directors.
Ms. Zoth brings over 25 years of finance and operational leadership experience across various industries, including health and information technology, to the Orexigen board. Most recently Ms. Zoth served as chief financial officer at MedImmune. In addition, Ms. Zoth has held finance positions at PSINet, Sodexho Marriott, PepsiCo and Ernst & Young. Ms. Zoth will also serve as Chairman of the Audit Committee of the Orexigen Board of Directors.
"Lota brings decades of financial, operational and transactional experience and understands well what is required to bring important new therapies to market," said Michael Narachi, Orexigen's chief executive officer. "We look forward to having her on our board of directors as we complete the development of Contrave® and position Orexigen for commercial and financial success."
The Company also announced that three of the Company's early venture capital investors, Joseph Lacob, Michael Powell, and Daniel Turner, have stepped down from the board of directors.
"Our departing directors, Joe Lacob, Mike Powell and Dan Turner, provided invaluable financial and strategic advice as Orexigen evolved from an early stage firm into a publicly owned company with late stage assets," Narachi said. "The Company has benefited tremendously from their insights into drug development and their general strategic and operational wisdom, and we are grateful for their years of dedication to Orexigen and its stockholders."
These changes to the board of directors bring the current total number of board members to eight.
About Orexigen® Therapeutics
Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the treatment of obesity. The Company's lead product candidate is Contrave®, which has completed Phase 3 clinical trials and for which a New Drug Application has been submitted and reviewed by the FDA. The Company has also reached agreement with the FDA on a Special Protocol Assessment for the Contrave cardiovascular outcomes trial which the company plans to initiate this quarter. The Company's other product candidate, Empatic', has completed Phase 2 clinical trials. Further information about the Company can be found at www.orexigen.com.
Orexigen cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "indicates," "will," "intends," "potential," "suggests," "assuming," "designed" and similar expressions are intended to identify forward-looking statements. These statements are based on the Company's current beliefs and expectations. These forward-looking statements include statements regarding the Special Protocol Assessment, the timing for initiation of enrollment for the Contrave outcomes trial in the second quarter of 2012, and the possibility of additional partnerships. The inclusion of forward-looking statements should not be regarded as a representation by Orexigen that any of its plans will be achieved. Actual results may differ from those set forth in this release due to the risk and uncertainties inherent in the Orexigen business, including, without limitation: the SPA is not binding on the FDA if public health concerns unrecognized at the time the SPA agreement was entered into become evident, other new scientific concerns regarding product safety or efficacy arise, or if Orexigen fails to comply with the agreed upon trial protocol, Orexigen may not be able to initiate and conduct the Contrave outcomes trial and the progress and timing thereof; Orexigen's ability to demonstrate in the Contrave outcomes trial that the risk of major adverse cardiovascular events in overweight and obese subjects treated with Contrave does not adversely affect the product candidate's benefit-risk profile; the therapeutic and commercial value of Contrave; and other risks described in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Orexigen undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks is included u the heading "Risk Factors" in Orexigen's most recent Annual Report on Form 10-K, filed with the Securities Exchange Commission on March 13, 2012 and available from the SEC's website (www.sec.gov) and on Orexigen's website (www.orexigen.com) under the heading "Investor Relations." All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
VP, Corporate Communications and Business Development
SOURCE Orexigen Therapeutics, Inc.