Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Provides Update on Clinical Development Program and
Reports Financial Results for Fourth Quarter and Year End 2012
call to be held on Thursday, March 7, 2013 at 4:30 p.m. Eastern Time
BOTHELL, WA., and VANCOUVER, British Columbia, March 7,
2013 OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today highlighted key clinical development activities for its two product candidates, custirsen and OGX-427 and announced its fourth quarter and year end 2012 financial results.
Custirsen Clinical Development Highlights
OGX-427 Clinical Development Highlights
Financial Update and Results
Consolidated Statements of Loss
(In thousands, except per share and share data)
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Collaboration revenue | $ | 9,780 | $ | 1,236 | $ | 20,095 | $ | 5,496 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 15,645 | 7,477 | 39,948 | 21,553 | ||||||||||||
| General and administrative | 2,042 | 1,731 | 7,791 | 6,230 | ||||||||||||
| Restructuring gain | (1,657 | ) | (1,657 | ) | ||||||||||||
| Total operating expenses | 16,030 | 9,208 | 46,082 | 27,783 | ||||||||||||
| Loss from operations | 6,250 | 7,972 | 25,987 | 22,287 | ||||||||||||
| Other income (expense) | 2,147 | (1,596 | ) | 4,889 | 7,614 | |||||||||||
| Loss for the period before income taxes | (4,103 | ) | (9,568 | ) | (21,098 | ) | (14,673 | ) | ||||||||
| Income taxes | ||||||||||||||||
| Net loss | $ | (4,103 | ) | $ | (9,568 | ) | $ | (21,098 | ) | $ | (14,673 | ) | ||||
| Basic and diluted net loss per share | $ | (0.28 | ) | $ | (0.98 | ) | $ | (1.56 | ) | $ | (1.51 | ) | ||||
| Weighted average number of basic and diluted common shares | 14,656,793 | 9,748,639 | 13,522,723 | 9,729,340 |
Consolidated Balance Sheets
| December 31, 2012 | December 31, 2011 | |||||||
| (unaudited | ) | |||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 75,697 | $ | 65,304 | ||||
| Interest receivable | 327 | 363 | ||||||
| Amounts receivable | 714 | 449 | ||||||
| Prepaid and other current assets | 3,755 | 1,210 | ||||||
| Property, equipment and other assets | 1,523 | 689 | ||||||
| Total assets | $ | 82,016 | $ | 68,015 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 7,050 | $ | 3,217 | ||||
| Deferred collaboration revenue | 18,271 | |||||||
| Current portion of long-tem obligations | 1,084 | 1,417 | ||||||
| Warrant liability | 3,422 | 7,881 | ||||||
| Long term liabilities | 4,253 | 6,339 | ||||||
| Stockholders equity | 66,207 | 30,890 | ||||||
| Total liabilities and stockholders equity | $ | 82,016 | $ | 68,015 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, March 7, 2013, to provide a business update and discuss the fourth quarter and year end 2012 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, statements regarding the potential benefits and potential development of our product candidates and statements regarding our expected financial results and expected cash requirements. 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 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, the risk that our cash 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.
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