Ian Pike 2 p.m., Dec. 7
Orexigen stock up 108.1% as FDA Panel OKs Weight Loss Drug
Stock of local biotech Orexigen Therapeutics is up 108.1% to $10.13 this morning (Dec. 8) as a panel of experts of the Food & Drug Administration voted 13 to 7 to approve the company's Contrave weight loss pill. The stock was up as much as 150% in pre-market trading. The FDA does not have to follow a panel's recommendation, but usually does. The panel urged the FDA to do a major study determining the heart risks of the pill, which increases blood pressure and pulse. Stock of San Diego biotech Arena Pharmaceuticals, which was earlier rebuked in trying to get a weight loss treatment to market, is up 18.44% to $1.26.