We view Qnexa as the leading phase III obesity candidate under development today. Vivus, Inc. (VVUS) has shown that Qnexa offers a synergistic benefit off added weight loss to patients beyond what can be achieved with phentermine or topiramate alone.Phase III data released by the company from the EQUATE program in December 2008 demonstrated the drug to be both highly efficacious and well tolerated. Patients on the full commercial dose of Qnexa lost a placebo-adjusted 16.5 lbs, or 7.5% of their body weight, after only 28 weeks of treatment. Additionally, we are less concerned with the safety, specifically the cardiovascular or psychiatric side effects, of the drug compared to recently rejected and discontinued cannabinoid type 1 receptor molecules at several large pharmaceutical companies.Our trepidation at this point stems from the lack of long-term safety data -- currently being conducted -- and a lack of ...