Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Provides Clinical Development Program Overview and
Reports Financial Results for First Quarter 2013
Conference call to be
held on Thursday, May 2 at 4:30pm Eastern Time
BOTHELL, WA and VANCOUVER, British Columbia, May 2, 2013 OncoGenex
Pharmaceuticals, Inc. (NASDAQ: OGXI) today provided an overview of clinical development activities for its two product candidates, custirsen and OGX-427, and announced first quarter 2013 financial results.
OGX-427 Program Update
Custirsen Program Update
The initiation of multiple investigator-sponsored Phase 2 trials, across tumor types, represents a significant inflection point in the creation of
value for OGX-427 for which we currently retain all commercialization rights, said Scott Cormack, President and Chief Executive Officer, OncoGenex Pharmaceuticals, Inc. Considered alongside the three Phase 3 trials of custirsen, and a
strong cash position that will sustain us into 2014, well past the SYNERGY data read-out, we believe the company is well situated to continue to execute against our development goals.
First Quarter 2013 Financial Update and Results
Consolidated Statements of Loss
(In thousands, except per share and share data)
| Three months ended March 31, | ||||||||
| 2013 | 2012 | |||||||
| Collaboration revenue | $ | 5,076 | $ | 1,316 | ||||
| Operating expenses: | ||||||||
| Research and development | 10,855 | 5,082 | ||||||
| General and administrative | 2,500 | 1,737 | ||||||
| Total operating expenses | 13,355 | 6,819 | ||||||
| Loss from operations | (8,279 | ) | (5,503 | ) | ||||
| Other income (expense) | 1,582 | (1,357 | ) | |||||
| Net loss | $ | (6,697 | ) | $ | (6,860 | ) | ||
| Basic and diluted net loss per share | $ | (0.46 | ) | $ | (0.67 | ) | ||
| Weighted average number of basic and diluted common shares | 14,660,643 | 10,235,237 |
Consolidated Balance Sheets
| March 31, 2013 | December 31, 2012 | |||||||
| (unaudited) | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 64,903 | $ | 75,697 | ||||
| Interest receivable | 321 | 327 | ||||||
| Amounts receivable | 5,156 | 714 | ||||||
| Prepaid and other assets | 4,537 | 4,907 | ||||||
| Property, equipment and other assets | 437 | 371 | ||||||
| Total assets | $ | 75,354 | $ | 82,016 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 7,925 | $ | 7,050 | ||||
| Current portion of long-tem obligations | 1,088 | 1,084 | ||||||
| Warrant liability | 1,988 | 3,422 | ||||||
| Long term liabilities | 4,088 | 4,253 | ||||||
| Stockholders equity | 60,265 | 66,207 | ||||||
| Total liabilities and stockholders equity | $ | 75,354 | $ | 82,016 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, May 2, 2013, to provide a business update and discuss the first quarter 2013 results.
A live event will be available on the Investor Relations section of the OncoGenex Web site at www.OncoGenex.com. Alternatively, you may access the
live conference call by dialing 877-606-1416 (U.S. & Canada) or 707-287-9313 (International). A replay of the webcast will be available approximately two hours after the call and will be archived for 90 days.
biopharmaceutical company committed to the development and commercialization of new therapies that address treatment resistance in cancer patients. OncoGenex has a diverse oncology pipeline, with each product candidate having a distinct mechanism of
action and representing a unique opportunity for cancer drug development. OncoGenex and Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) have entered a global collaboration and license agreement to develop and commercialize
OncoGenex lead drug candidate, custirsen. Custirsen is currently in Phase 3 clinical development as a treatment in men with metastatic castrate-resistant prostate cancer and in patients with advanced, unresectable non-small cell lung cancer.
OGX-427 is in Phase 2 clinical development and OGX-225 is currently in pre-clinical development. More information is available at www.OncoGenex.com.
OncoGenex Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning our anticipated product development activities,
such as expected clinical trial completion and design and statements regarding the potential benefits and potential development of our product candidates. All statements other than statements of historical fact are statements that could be deemed
forward-looking statements. These statements are based on management s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those
described in the forward-looking statements, including, among others, the risk that our product candidates will not demonstrate the hypothesized or expected benefits, the risk of delays in our expected clinical trials, the risk that new developments
in the rapidly evolving cancer therapy landscape require changes in our clinical trial plans or limit the potential benefits of our product candidates and the other factors described in our risk factors set forth in our filings with
the Securities and Exchange Commission from time to time, including the Company s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update the forward-looking statements contained
herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
ORCA , Borealis-1 , Borealis-2 , Spruce , Rainier and Pacific , are registered trademarks of OncoGenex
Pharmaceuticals, Inc.
ABRAXANE is a registered trademark of Celgene Corporation
JEVTANA is a registered trademark of sanofi-aventis
Zytiga is a registered trademark of the Johnson & Johnson Corporation
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