CARMEL VALLEY -- Orexigen Therapeutics, whose obesity drug Contrave recently passed a late-stage clinical trial, said Thursday it has raised net proceeds of $70.9 million in a stock offering.
Shares of Orexigen closed Thursday after the announcement at $7.85 apiece, down 42 cents for the day.
The company sold 10 million shares at $7.50 each, for $75 million. The balance goes toward underwriting discounts and commissions and estimated expenses.
Based in Carmel Valley, Orexigen says it plans to submit Contrave to the FDA for marketing approval in the first half of 2010.
