Orexigen granted exclusivity extension to negotiate and confirm plan

By Caroline Salls

Pittsburgh, July 13 – Orexigen Therapeutics, Inc. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive plan-filing period was extended by 90 days through Oct. 8 and the solicitation period through Dec. 7.

Orexigen said it is on the cusp of selling its assets, and it has worked with a number of significant parties in interest to resolve their claims against the company’s estate.

While it is making significant progress toward a plan, Orexigen said it has not yet filed one and needs more time to complete the plan negotiation and confirmation process.

Orexigen is a San Diego-based biopharmaceutical company focused on the treatment of obesity. The company filed for bankruptcy on March 12 under Chapter 11 case number 18-10518.

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