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news.Orexigen Therapeutics, a biopharmaceutical company, has announced that Gary Tollefson has resigned as director, president and CEO of the company. Mr Tollefson has elected to focus on his continued recovery from a previously disclosed diagnosis of acute leukemia.
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Orexigen has retained an executive search firm to assist it in finding a new, permanent CEO. In addition, Anthony McKinney, the company’s chief business officer, and Frank Bymaster, the company’s vice president of neuroscience, will be leaving the company to pursue other opportunities. Michael Cowley, the company’s chief scientific officer, will be stepping down from this position, but will transition to a consultant to the company.
The exploratory proof-of-concept Phase II trials for Orex-003 (zonisamide and olanzapine to mitigate antipsychotic-associated weight gain) and Orex-004 (fluoxetine and naltrexone to reduce symptoms of obsessive-compulsive disorder) will be discontinued. The company intends to maintain its intellectual property in these assets and retains the option to re-initiate these programs in the future.
The company is directing all of its efforts and resources to Contrave and Empatic, its obesity product candidates. It anticipates announcing the results from the first Phase III clinical trial for Contrave in January 2009.
Eckard Weber, interim president and CEO, said: “While our balance sheet remains strong, the company recognizes the challenges of the current economic environment and the need to focus our resources on our late-stage obesity programs. I would like to thank Gary, along with the other members of the departing group, for their extensive contributions to Orexigen. We believe we are in a very favorable position largely as a result of their efforts.”