Orexigen Therapeutics Getting Crushed As Company Puts Obesity Drug On Hold

Orexigen Therapeutics, Inc. OREX shares are getting killed this morning, losing a third of their value as the company is putting its obesity drug, Contrave on hold. The company said that regulators are making "unprecedented" demands about safety trials for the drug. Oreixigen says the FDA wants more information than is necessary or feasible when it comes to the side effects Contrave has on the heart. The company said it will speed up exploration of markets outside the U.S., and will put the U.S. development of its drugs Contrave, as well as Empatic on hold until the issues are resolved. At last check, shares were off $1.10 to $2.08, a loss of 34.5%.