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
On June 28, 2017, Orexigen Therapeutics, Inc. (the “Company”) received written notification from Nasdaq indicating that, based upon its review for the last 30 consecutive business days, the Company did not meet the continuing listing requirements of Nasdaq Marketplace Rule 5450(b)(2)(A), which requires that the Company maintain a minimum market value of its listed securities of at least $50,000,000. Nasdaq also informed the Company that it did not meet the alternative continued listing standards based on minimum stockholders’ equity or total assets/total revenue.
The notification has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Market.
Under Nasdaq’s Listing Rules, the Company will have 180 calendar days from the date of the notification to regain compliance. If, at any time during this period, the market value of the Company’s common stock closes at $50,000,000 or more for a minimum of 10 consecutive business days, the Company will regain compliance with this requirement. If the Company is unable to regain compliance during the 180-day period, the Company will receive an additional notification that its securities are subject to delisting. The Company could, at that time, request a hearing to remain on the Nasdaq Global Market, which request will ordinarily suspend such delisting determination until a decision is made by Nasdaq subsequent to the hearing. Alternatively, the Company could apply for listing on the Nasdaq Capital Market, provided it meets the continued listing requirements of that market. There can be no assurances, however, that the Company will be successful in regaining compliance with the continued listing requirements and maintaining its listing of the Company’s common stock on the Nasdaq Global Market.
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.
