Orexigen Therapeutics Inc. (OREX) said its chief financial
officer is stepping down after four years as the biopharmaceutical
company named a strategy executive to replace him on an interim
basis.
Financial chief and treasurer Graham Cooper resigned for
personal reasons, the company said, after spending more than four
years commuting to the job from the San Francisco Bay Area.
Orexigen is based in San Diego. Cooper will remain in the post
until the company reports its year-end results.
Orexigen said it will name Jay Hagan, currently its senior vice
president of corporate development and strategy, as acting CFO.
Hagan joined the company in 2009 after 10 years at the biotech firm
Amgen Inc. (AMGN).
Orexigen is in a three-way race with Vivus Inc. (VVUS) and Arena
Pharmaceuticals Inc. (ARNA) to bring the latest crop of diet pills
to market, with Orexigen looking to advance its weight-loss drug
Contrave. Coincidentally, Arena also disclosed the upcoming
departure of its financial chief last week.
Orexigen earlier this month cut 23 jobs, resulting in a 40%
reduction of its work force, in the wake of a regulatory rejection
of Contrave.
Orexigen shares were up 2% to $3.47 in premarket trading.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com;