Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Reports Financial Results for First Quarter 2014
Conference call to be held on Wednesday, April 30, 2014 at 4:30 p.m. Eastern Time
BOTHELL, WA, and VANCOUVER, British Columbia, April 30, 2014 OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today provided a summary of
clinical developments and anticipated near-term milestones and announced first quarter 2014 financial results.
Clinical Developments and Anticipated
Near-term Milestones
Financial Update and Results
April 30, 2014, OncoGenex had 14,753,195 shares outstanding.
Consolidated Statements of Loss
(In thousands, except per share and share data)
| Three months ended March 31, | ||||||||
| 2014 | 2013 | |||||||
| Collaboration revenue | $ | 11,731 | $ | 5,076 | ||||
| Operating expenses: | ||||||||
| Research and development | 16,903 | 10,855 | ||||||
| General and administrative | 2,757 | 2,500 | ||||||
| Total operating expenses | 19,660 | 13,355 | ||||||
| Loss from operations | (7,929 | ) | (8,279 | ) | ||||
| Other income | (707 | ) | 1,582 | |||||
| Net loss | $ | (8,636 | ) | $ | (6,697 | ) | ||
| Basic and diluted net loss per share | $ | (0.59 | ) | $ | (0.46 | ) | ||
| Weighted average number of basic and diluted common shares | 14,721,500 | 14,660,643 |
Consolidated Balance Sheets
| March 31, 2014 | December 31, 2013 | |||||||
| (unaudited) | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 37,803 | $ | 39,536 | ||||
| Interest receivable | 166 | 218 | ||||||
| Amounts receivable | 8,610 | 8,657 | ||||||
| Prepaid expenses and other current assets | 1,821 | 5,770 | ||||||
| Property, equipment and other assets | 1,424 | 1,508 | ||||||
| Total assets | $ | 49,824 | $ | 55,689 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 14,868 | $ | 13,628 | ||||
| Current portion of long-term obligations | 1,097 | 1,092 | ||||||
| Warrant liability | 935 | 214 | ||||||
| Long term liabilities | 3,320 | 3,544 | ||||||
| Stockholders equity | 29,604 | 37,211 | ||||||
| Total liabilities and stockholders equity | $ | 49,824 | $ | 55,689 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Wednesday, April 30, 2014, to provide a business update and discuss the first
quarter ended March 31, 2014 results. A live event will be available on the Investor Relations section of the OncoGenex website 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 licensing 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. Apatorsen is in Phase 2 clinical development
and OGX-225 is currently in pre-clinical development. More information is available at www.OncoGenex.com and at the company s Twitter account: https://twitter.com/OncoGenex_IR.
OncoGenex Forward Looking Statements
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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