LONDON, UK / ACCESSWIRE / June 16, 2017 / Orexigen's (NASDAQ: OREX) consumer-focused re-launch of Contrave continues to be successful with a 39% increase in prescriptions in the United States in Q1-17 compared to Q4-16. Outside of the US, progress continues as the product has launched in 14 countries, with another seven expected by the end of the year, including the Nordic countries, where Orexigen has just signed a local commercial and distribution partner.

We are adjusting our valuation from $193m ($12.70/share) to $194m ($12.76/share). We increased our US Orexigen sales estimates, altered the launch trajectory for product sales outside of the US (though we left peak sales largely the same) and increased our SG&A spending estimates. Orexigen's financing requirement is now $90m through to 2020, although this does not include the $245m in convertible debt due in that year. Also, our per-share valuation does not include any potential equity dilution to cover the financing requirement.

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