Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Reports Financial Results for First Quarter 2015
Conference call to be held on Thursday, May 14, 2015 at 4:30 p.m. Eastern Time
BOTHELL, WA, and VANCOUVER, British Columbia, May 14, 2015 OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced first quarter
2015 financial results.
Recent Developments and Anticipated Near-term Milestones
We are pleased with the progress we have made already in 2015, including
regaining the rights to custirsen and continuing its clinical evaluation in patients with advanced cancers, said Scott Cormack, President and CEO of OncoGenex. We have already moved forward with our plans to modify the ENSPIRIT
statistical design and analysis plan intended to reduce the number of required patients enrolled in the trial and include an earlier, more rigorous second interim futility analysis, which we believe is a more responsible course of action for
patients. With custirsen now back under our full control including plans to enhance the development plan, along with a flexible financing vehicle now in place with Lincoln Park, we are excited about our prospects in the coming months and
Financial Update and Results
Consolidated Statements of Loss
(In thousands, except per share and share data)
| Three months ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| Collaboration revenue | $ | 1,374 | $ | 11,731 | ||||
| Operating expenses: | ||||||||
| Research and development | 3,673 | 16,903 | ||||||
| General and administrative | 2,698 | 2,757 | ||||||
| Total operating expenses | 6,371 | 19,660 | ||||||
| Loss from operations | (4,997 | ) | (7,929 | ) | ||||
| Other income | 480 | (707 | ) | |||||
| Net loss | $ | (4,517 | ) | $ | (8,636 | ) | ||
| Basic and diluted net loss per share | $ | (0.20 | ) | $ | (0.59 | ) | ||
| Weighted average number of basic and diluted common shares | 22,656,022 | 14,721,500 |
Consolidated Balance Sheets
| March 31 | December 31, | |||||||
| 2015 | 2014 | |||||||
| (unaudited | ) | |||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 40,559 | $ | 47,308 | ||||
| Interest receivable | 71 | 113 | ||||||
| Amounts receivable | 1,559 | 5,676 | ||||||
| Prepaid expenses and other current assets | 3,008 | 2,165 | ||||||
| Property, equipment and other assets | 1,187 | 1,029 | ||||||
| Total assets | $ | 46,384 | $ | 56,291 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 12,398 | $ | 15,730 | ||||
| Current portion of long-term obligations | 52 | 236 | ||||||
| Warrant liability | 2,537 | 3,002 | ||||||
| Lease termination liability | 1,250 | 3,250 | ||||||
| Long term liabilities | 128 | 14 | ||||||
| Stockholders equity | 30,019 | 34,059 | ||||||
| Total liabilities and stockholders equity | $ | 46,384 | $ | 56,291 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, May 14, 2015, to provide a business update and discuss the first quarter
2015 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 webcast replay will be available approximately two hours after the call and will be archived on www.OncoGenex.com 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. 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.
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 regarding 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 do 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
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