Orexigen Therapeutics, Inc. (OREX) Completes Initial Public Offering  
5/2/2007 10:56:28 AM

SAN DIEGO, May 1 /PRNewswire-FirstCall/ -- Orexigen Therapeutics, Inc. announced today the completion of its initial public offering of 7,000,000 shares of common stock. In addition, the underwriters of its initial public offering exercised their over-allotment option in full and purchased an additional 1,050,000 shares of common stock. All of such shares were sold by Orexigen at an initial public offering price of $12.00 per share. Merrill Lynch & Co. acted as sole book-running manager and J.P. Morgan Securities Inc. acted as co-lead manager for the offering. JMP Securities LLC and Leerink Swann & Co., Inc. acted as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on April 25, 2007. The offering was made only by means of a written prospectus forming a part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained from: Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Orexigen Therapeutics

Orexigen Therapeutics, Inc. is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of central nervous system disorders, with an initial focus on obesity. Orexigen's lead combination product candidates targeted for obesity are Contrave(TM), which is in a Phase III clinical trial, and Empatic(TM) (formerly Excalia(TM)), which is in a Phase IIb clinical trial.

Contacts: Corporate Media Orexigen Therapeutics GendeLLindheim BioCom Partners Graham Cooper Stephen Gendel 858-436-8600 212-918-4650

Orexigen Therapeutics, Inc.

CONTACT: Graham Cooper of Orexigen Therapeutics, +1-858-436-8600; orMedia, Stephen Gendel of GendeLLindheim BioCom Partners, +1-212-918-4650,for Orexigen Therapeutics, Inc.