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Filing Details

Accession Number:: 0001178913-10-002122
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-08-16 13:00:00
Reporting Period:: 2010-07-12

Filing Date:: 2010-08-16
Accepted Time:: 2010-08-16 06:12:02
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1382911	Orexigen Therapeutics Inc.	OREX	Pharmaceutical Preparations (2834)	651178822

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1321178	Moshe Arkin	6 Hachoshlim Herzelia L3		No	No	No	Yes
1467669	Ltd. (1999) Arkin M.	6 Hachoshlim Herzlia L3		No	No	No	Yes

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-07-12	135,000	$4.15	4,142,766	No	4	S	Direct
Common Stock	Disposition	2010-07-12	20,000	$4.15	571,877	No	4	S	Indirect	By Sphera Global Healthcare Management L.P.
Common Stock	Disposition	2010-07-15	105,000	$5.64	4,037,766	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct
No	4	S	Indirect	By Sphera Global Healthcare Management L.P.
No	4	S	Direct

Footnotes

These shares are owned directly by Moshe Arkin.
These securities are beneficially owned by Sphera Global Healthcare Fund, which invests substantially all of its assets in Sphera Global Healthcare Master Fund. Sphera Global Healthcare Fund and Sphera Global Healthcare Master Fund have delegated all investment decision-making to Sphera Global Healthcare Management L.P. (the "Management Company"). The Management Company is managed, controlled, and operated by its general partner, Sphera Global Healthcare GP Ltd. (the "General Partner"), the shares of which are owned 50% by M. Arkin (1999) Ltd. (the "1999 Company") and 50% by Sphera Funds Management Ltd. ("SFML").
The 1999 Company, wholly-owned by Mr. Arkin, and SFML are each entitled to appoint two members to the board of directors of the General Partner (the "Board of Directors") and two members to the investment committee of the Management Company (the "Investment Committee"). No decision can be made by either the Board of Directors or the Investment Committee without the consent of both Mr. Arkin's designees and the designees of SFML (Sphera Global Healthcare Fund, Sphera Global Healthcare Master Fund, the Management Company, and the General Partner are referred to collectively in this Form 3 as "Healthcare Fund Entities").
The filing of this Form 4 shall not be construed as an admission that the 1999 Company or Mr. Arkin is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the shares of Common Stock of the Company owned by the Healthcare Fund Entities. Pursuant to Rule 16a-1, the 1999 Company and Mr. Arkin disclaims beneficial ownership of the shares of the Company reported herein that are beneficially owned by the Healthcare Fund Entities, except to the extent of their pecuniary interest therein.