Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Provides Clinical Development Update and Reports
Financial Results for Third Quarter 2012
Conference call to be held on
Thursday, November 8, 2012 at 4:30 p.m. Eastern Time
BOTHELL, WA., and VANCOUVER, British Columbia, November 8, 2012
OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced third quarter 2012 financial results and highlighted key clinical development activities of its two product candidates, custirsen and OGX-427.
Custirsen Clinical Development Highlights
OGX-427 Clinical Development Highlights
Third Quarter 2012 Financial Update and Results
Consolidated Statements of Loss (Income)
(In thousands, except per share and share data)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Collaboration revenue | $ | 6,570 | $ | 1,174 | $ | 10,315 | $ | 4,260 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 12,895 | 3,814 | 24,303 | 14,076 | ||||||||||||
| General and administrative | 1,965 | 1,457 | 5,749 | 4,499 | ||||||||||||
| Total operating expenses | 14,860 | 5,271 | 30,052 | 18,575 | ||||||||||||
| Loss from operations | 8,290 | 4,097 | 19,737 | 14,315 | ||||||||||||
| Other income (expense) | 2,370 | 8,567 | 2,742 | 9,211 | ||||||||||||
| Loss (income) for the period before income taxes | 5,920 | (4,470 | ) | 16,995 | 5,104 | |||||||||||
| Income taxes | ||||||||||||||||
| Net loss (income) | $ | 5,920 | $ | (4,470 | ) | $ | 16,995 | $ | 5,104 | |||||||
| Basic net loss (income) per share | $ | 0.40 | $ | (0.46 | ) | $ | 1.29 | $ | 0.52 | |||||||
| Diluted net loss (income) per share | $ | 0.40 | $ | (0.45 | ) | $ | 1.29 | $ | 0.52 | |||||||
| Weighted average number of basic common shares | 14,619,842 | 9,736,589 | 13,141,940 | 9,722,836 | ||||||||||||
| Weighted average number of diluted common shares | 14,619,842 | 10,043,821 | 13,141,940 | 9,722,836 |
Consolidated Balance Sheets
| September 30, 2012 | December 31, 2011 | |||||||
| (unaudited) | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 85,387 | $ | 65,304 | ||||
| Amounts receivable | 1,138 | 812 | ||||||
| Prepaid and other current assets | 9,292 | 1,210 | ||||||
| Property, equipment and other assets | 1,355 | 689 | ||||||
| Total assets | $ | 97,172 | $ | 68,015 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 5,718 | $ | 3,217 | ||||
| Deferred collaboration revenue | 9,145 | 18,271 | ||||||
| Current portion of long-tem obligations | 1,451 | 1,417 | ||||||
| Warrant liability | 5,359 | 7,881 | ||||||
| Long term liabilities | 5,738 | 6,339 | ||||||
| Stockholders equity | 69,761 | 30,890 | ||||||
| Total liabilities and stockholders equity | $ | 97,172 | $ | 68,015 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, November 8, 2012, to provide a business update and discuss the third quarter 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.
OncoGenex is a 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 (CRPC) and in patients with advanced, unresectable non-small cell lung cancer. OGX-427 is in Phase 2 clinical development in CRPC and metastatic bladder cancer. 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, statements regarding the potential benefits and potential development of
our product candidates and statements regarding our expected financial results and our expected future cash resources and liquidity. 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. Such forward-looking statements are subject to risks and uncertainties, including, among others, the risk that final trial results will not demonstrate the same or any potential benefit as observed in preliminary trial
results, the risk that subsequent studies may not confirm earlier trial results, 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, the risk that our cash requirements are greater than expected or that our resources are insufficient to fund our planned activities for the time period expected 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.
is a registered trademark of sanofi-aventis
Zytiga is a registered trademark of the Johnson & Johnson Corporation
Investor Relations Contact:
SOURCE: OncoGenex Pharmaceuticals, Inc.