Arena and Orexigen Compete to Bring First Weight Loss Drug to Market in Nearly 13 Years
Biotech companies are looking to cash in on the anti-obesity drug market. The race to bring the first weight-loss pill to the market is heating up as Arena Pharmaceuticals weight-loss pill (Lorcaserin) recently gained the backing of an FDA advisory panel. The Paragon Report examines investing opportunities in the Biotech Industry and provides equity research on Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) and Orexigen Therapeutics, Inc. (NASDAQ: OREX).
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Arena is currently competing with Vivus and Orexigen Therapeutics to bring the first anti-obesity drug to the market in nearly 13 years. All three of the companies' drugs were previously turned down by the FDA. FDA advisers last week voted 18-4 that the benefits of Arena's Lorcaserin outweigh the health risks.
According to recent numbers from the Center for Disease Control and Prevention over 78 million adults in the U.S. are obese. Obesity significantly raises the risks for health problems such as diabetes, heart attacks, and strokes. It is estimated that obesity costs the U.S. economy $147 billion a year in medicals costs and lost productivity.
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Arena is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, an important class of validated drug targets, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. The FDA is scheduled to decide on Arena Pharmaceuticals' anti-obesity drug, Lorcaserin by June 27.
Orexigen Therapeutics, a biopharmaceutical company focused on the treatment of obesity, recently announced financial results for the first quarter of 2012. For the three months ended March 31, 2012, Orexigen reported a net loss of $10.4 million compared to a net loss of $11.6 million for the first quarter of 2011. Orexigen's anti-obesity drug, Contrave, was rejected by the FDA at the start of 2011. The company reported in February that they have received a Special Protocol Assessment (SPA) from the FDA.
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