Arena Pharmaceuticals Inc. (NASDAQ: ARNA) gained more than 100% since the last trading day in June, soaring nearly 13% to $7.88 mid-day today. The drive stems from news earlier in the month that VIVUS Inc.’s weight loss drug Qnexa failed to receive approval from the FDA due to several safety concerns, despite studies showing it to be effective in helping overweight and obese people lose weight. This put Lorcaserin Arena’s phase 3 weight management drug at the forefront for approval by the FDA; Arena’s New Drug Application was accepted by the FDA in February 2010.
VIVUS Inc. (NASDAQ: VVUS) is up 2.53% to $5.67 today, this move into the green represents a reversal of the downward trend VIVUS had seen since mid July after their weight loss drug Qnexa was declined approval by the FDA, sighting potential side effects that include; birth defects, depression, and unknown problems with a patients cardiovascular system. However many investors seem to be bullish on a comeback of VVUS’ failed drug as the share price has rallied from a recent low of $4.96 to $5.70 within the last two weeks.
Orexigen Therapeutics Inc. (NASDAQ: OREX) share have spiked today up 50 cents or 10.53% on the day. This gain comes on news that Orexigen’s experimental drug Contrave showed positive results, with people losing around 13 pounds over the period of one year. Results from the study have already been presented to the FDA who planes on issuing a ruling in December 2010.
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