Orexigen Therapeutics, Inc. (OREX) saw its loss widen to $69.09 million, or $4.67 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $22.35 million, or $1.54 a share.
Revenue during the quarter surged 280.39 percent to $19.14 million from $5.03 million in the previous year period.
Operating loss for the quarter was $53.85 million, compared with an operating loss of $23.32 million in the previous year period.
"During the first quarter of 2017, the team at Orexigen delivered dramatic growth of U.S. Contrave sales and a clear trend break from prior performance," said Mike Narachi, chief executive officer of Orexigen. He continued, "Our commercial model continues to evolve, and we expect it to become increasingly effective and more efficient, which we believe positions Orexigen to deliver strong, sustainable growth as we advance towards profitability. It’s been an exciting start to 2017, and we look forward to providing additional updates regarding our performance throughout the year."
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