Orexigen Therapeutics, Inc. (NASDAQ: OREX) Co-Founder Has Left The Building

Orexigen Therapeutics is a biopharmaceutical company that looks to be trading rather out of the spotlight. The company was co-founded Orexigen in 2002 by Eckard Weber, M.D, with Michael Cowley, Ph.D., to develop new weight loss medicines.

This medicine was based on their novel discovery that the simultaneous stimulation of hypothalamic POMC (proopiomelanocortin) neural pathways while blocking opioid-mediated auto-inhibition signals potentiates appetite suppression resulting in sustained weight loss.

Dr. Weber will no longer be with the company as Orexigen just announced his departure. Dr. Weber has additionally resigned from the company’s Board of Directors.

He has served as Chairman from 2002 until earlier this year. From November 2008 until March 2009, he also served as interim President and Chief Executive Officer.

Dr. Weber is a partner at venture capital firm Domain Associates, LLC, where he focuses on early stage investments and the formation and management of new companies. Domain Associates owns approximately 11.3 million shares of Orexigen common stock, and Domain partner Brian Dovey will remain on Orexigen’s Board of Directors.

“I have enjoyed immensely my time with Orexigen, and it is with somewhat of a heavy heart that I depart from the board of this company which I started and have had the privilege to serve in various capacities over the years,” said Dr. Weber. “I am proud of what we have accomplished and am confident Orexigen will execute well their plans for U.S. commercialization of Contrave®.”

Disclaimer: We have no position in Orexigen Therapeutics (NASDAQ: OREX) and have not been compensated for this article.