Sec Form 4 Filing - MCKINNEY ANTHONY A @ Orexigen Therapeutics, Inc. - 2008-08-27

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
MCKINNEY ANTHONY A
2. Issuer Name and Ticker or Trading Symbol
Orexigen Therapeutics, Inc. [ OREX]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Chief Business Officer
(Last) (First) (Middle)
C/O OREXIGEN THERAPEUTICS, INC., 3344 N. TORREY PINES COURT, SUITE 200
3. Date of Earliest Transaction (MM/DD/YY)
08/27/2008
(Street)
LA JOLLA, CA92037
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/27/2008 M 13,664 A $ 0.1 13,664 D
Common Stock 08/27/2008 S( 1 ) 13,664 D $ 12 ( 2 ) 0 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock (right to buy) $ 0.1 08/27/2008 M 13,664 ( 3 ) 03/10/2005 Common Stock 13,664 ( 4 ) 122,291 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MCKINNEY ANTHONY A
C/O OREXIGEN THERAPEUTICS, INC.
3344 N. TORREY PINES COURT, SUITE 200
LA JOLLA, CA92037
Chief Business Officer
Signatures
/s/ Graham K. Cooper, Attorney-in-fact 08/29/2008
Signature of Reporting Person Date
Explanation of Responses:
( 1 )The sale was effected by the reporting person pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 9/19/2007.
( 2 )Reflects the weighted average sale price of the shares sold. The shares were sold in muliple trades at prices ranging from $12.00 to $12.01 per share. The reporting person will provide to the SEC staff, the issuer or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price.
( 3 )As of August 27, 2008 and prior to this transaction, 120,612 shares of common stock subject to the option vested. Approximately 3,068 shares of common stock subject to the option vest on the first day of each month until January 1, 2009.
( 4 )Not applicable.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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