OREXIGEN THERAPEUTICS, INC. (NASDAQ:OREX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01
As previously reported, on March12, 2018, Orexigen Therapeutics, Inc. (the “Company,” “us” or “we”) filed a voluntary petition for bankruptcy protection (the “Petition”) under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (Case No.18-10518). On March12, 2018, we received notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Staff had determined that the filing of the Petition served as an additional basis for delisting the Company’s securities from Nasdaq in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM 5101-1. The Staff further indicated that the Nasdaq Hearings Panel (the “Panel”) would consider the filing of the Petition in its decision regarding the Company’s continued listing on The Nasdaq Global Select Market and requested that the Company present its views with respect to this additional deficiency no later than March19, 2018. We do not believe that we will be in a position to submit materials sufficient to satisfy the Panel with respect to this additional deficiency and thus expect, in the relatively near term, to receive a delist determination from the Panel and the subsequent suspension of trading of the Company’s securities on The Nasdaq Global Select Market.
As previously reported, on June28, 2017, we received a letter from the Staff notifying us that the Company (i)failed to satisfy the continuing listing requirement of Nasdaq Listing Rule 5450(b)(2)(A) (the “Market Value Standard”), which requires a market value of listed securities of at least $50million for the previous 30 consecutive trading days, and (ii)did not satisfy the alternative listing requirements of Nasdaq Listing Rule 5450(b)(3)(A), which requires total assets and total revenues of at least $50million each for the most recently completed fiscal year or two of the three most recently completed fiscal years. In accordance with the Nasdaq Listing Rules, we were granted a period of 180 calendar days in which to regain compliance. On December27, 2017, we received notice from the Staff indicating that, based upon the Company’s continued non-compliance with the Market Value Standard, the Company’s securities were subject to delisting from The Nasdaq Global Select Market unless we timely requested a hearing before the Panel. The Company attended a hearing before the Panel on February8, 2018, at which it presented its plan to regain compliance with the applicable requirements for continued listing and requested an extension of time in which to do so.
About OREXIGEN THERAPEUTICS, INC. (NASDAQ:OREX)
Orexigen Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on the treatment of obesity. The Company’s product, Contrave, is approved in the United States by the United States Food and Drug Administration as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adults with an initial body mass index (BMI) of 30 kilograms per square meter or greater (obese) or 27 kilograms per square meter or greater (overweight) in the presence of a weight-related comorbid condition. Contrave is a combination of generic drug components, each of which has received regulatory approval for other indications and has been commercialized in the United States and in a range of member countries of the European Union. Contrave regulates appetite and energy expenditure through central nervous system (CNS) activity. Contrave is a fixed dose combination of bupropion hydrochloride (HCl) extended release (ER) and naltrexone HCl ER.
