The FDA is hitting its hat trick of weight-loss drug approvals today. Contrave is the third weight-loss drug to be approved by the regulatory body in recent years. Orexigen Therapeutics Inc.’s treatment is sure to make patients strolling into the doctor’s office.

Before you run to your doctor thinking it’s the holy grail for losing weight, there are a few caveats. For one, you can’t just take a pill and poof, you’re at your healthy weight. No, this drug is for chronic weight management. I don’t know. With all the studies about long-term drug therapy as of late, I’m not sure I’d pop a weight-loss pill for years.

Also, the pill only works if you exercise and eat a healthy diet. Yep, the wonder fountain at Golden Corral has to be avoided. Matter of fact, if healthy eating is on your plate, maybe you should avoid buffets altogether.

The drug was up for approval after the pharmaceutical company saw that interim study results didn’t dramatically increase a person’s risk of heart attack or other symptoms. That’s comforting. Toss in dramatically and we go why not?

Contrave was actually rejected by the FDA in 2011, despite a panel of physicians recommending its approval.

Maybe patients should try everything else first before adding another pill bottle to their collection. I’m pretty sure prescription medication bottles are the 21st century’s idea of collecting shot glasses from places we visit. Hmmm, what pill color am I missing?

As for the Orexigen shares, this looks like a classic buy the rumor and sell the news. The stock had been trending higher all month, and is now off nearly 8% in early trading. Pretty sure the company was trying to help drop some pounds, not marketcap.

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