Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Reports Financial Results and Reviews Clinical Development
Highlights for First Quarter of 2012
Conference call to be held on
Thursday, May 3, 2012 at 4:30 p.m. Eastern Time
BOTHELL, WA., and VANCOUVER, British Columbia, May 3, 2012
OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced first quarter 2012 financial results and provided an overview of the clinical development activities of its two product candidates, custirsen and OGX-427.
Custirsen Clinical Development Highlights
OGX-427 Clinical Development Highlights
First Quarter Financial Update and Results
| Three Months Ended March 31, | ||||||||
| 2012 | 2011 | |||||||
| (unaudited) | (unaudited) | |||||||
| Collaboration revenue | $ | 1,316 | $ | 1,199 | ||||
| Operating expenses | ||||||||
| Research and development | $ | 5,082 | $ | 4,853 | ||||
| General and administrative | 1,737 | 1,571 | ||||||
| Total operating expenses | 6,819 | 6,424 | ||||||
| Other income (expense) | (1,357 | ) | 2,180 | |||||
| Loss (income) for the period before taxes | 6,860 | 3,045 | ||||||
| Income tax expense (recovery) | ||||||||
| Net loss (income) | 6,860 | 3,045 | ||||||
| Basic and diluted loss (income) per common shares | $ | 0.67 | $ | 0.31 | ||||
| Weighted average number of common shares | 10,235,237 | 9,713,413 |
Condensed Balance Sheets
| March 31, 2012 | December 31, 2011 | |||||||
| Assets: | ||||||||
| Cash, cash equivalents and short term investments | $ | 111,321 | $ | 64,927 | ||||
| Amounts receivable | 774 | 812 | ||||||
| Prepaid and other current assets | 2,456 | 1,587 | ||||||
| Property, equipment and other assets | 670 | 689 | ||||||
| Total assets | $ | 115,221 | $ | 68,015 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 2,877 | $ | 3,217 | ||||
| Deferred Collaboration Revenue | 17,335 | 18,271 | ||||||
| Current portion of long term obligations | 1,429 | 1,417 | ||||||
| Warrant liability | 9,311 | 7,881 | ||||||
| Long term liabilities | 6,142 | 6,339 | ||||||
| Stockholders equity | $ | 78,127 | $ | 30,890 | ||||
| Total liabilities and stockholders equity | $ | 115,221 | $ | 68,015 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, May 3, 2012, to provide a business update and discuss the first 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.
About OncoGenex Pharmaceuticals
OncoGenex is a biopharmaceutical company committed to the development and commercialization of new cancer 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. (NASDAQ: 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. Phase 3 development of custirsen in treatment of advanced, unresectable non-small cell lung cancer is expected to be initiated in 2012. OGX-427 is in Phase 2 clinical
development; 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 initiation completion, statements regarding the potential benefits and potential development of our product candidates and statements regarding
our future financial results and availability of cash resources. 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 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. 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
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