Orexigen Names New CEO

Xconomy San Diego — 

San Diego-based Orexigen Therapeutics (NASDAQ: OREX) today named Michael Narachi as President and CEO. Narachi, 50, has spent the past 24 years in the biopharmaceutical business, and previously served as CEO of Ren Pharmaceuticals in South San Francisco, CA. The company is developing a treatment for obesity. Orexigen reported in January that a late-stage clinical trial of a  drug met its goal of helping patients lose weight, but the results disappointed Wall Street.