Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Fourth Quarter and Year End
2011 and Provides Update on Clinical Development Program
Conference call to be held on Thursday, March 8, 2012 at 4:30 p.m. Eastern Time
BOTHELL, WA., and VANCOUVER,
British Columbia, March 8, 2012 OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced its fourth quarter and year end 2011 financial results and provided an update on the clinical development programs for its product candidates,
custirsen and OGX-427.
We have had an exciting start to 2012, as our development programs for our two lead assets continue to gain momentum,
specifically in advanced prostate cancer, said Scott Cormack, President and CEO of OncoGenex Pharmaceuticals. The abiraterone data announcement today is excellent news for patients and for our company, as the development plans for both
of our agents are now well aligned to a more defined landscape and are therefore positioned to improve upon existing treatments across the treatment continuum.
Custirsen Clinical Development Updates:
OGX-427 Clinical Development Updates:
2012 Outlook and Financial Guidance
Condensed Statements of Operations
(in thousands except share and per share amounts)
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Collaboration revenue | $ | 1,236 | $ | 2,334 | $ | 5,496 | $ | 13,616 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development | $ | 7,477 | $ | 2,301 | $ | 21,553 | $ | 18,483 | ||||||||
| General and administrative | 1,731 | 1,948 | 6,230 | 5,840 | ||||||||||||
| Restructuring expense | 4,038 | |||||||||||||||
| Total operating expenses | 9,208 | 4,249 | 27,783 | 28,361 | ||||||||||||
| Other income (expense) | (1,596 | ) | (885 | ) | 7,614 | (839 | ) | |||||||||
| Loss (income) for the period before taxes | 9,568 | 2,800 | 14,673 | 15,584 | ||||||||||||
| Income tax expense (recovery) | (3,000 | ) | ||||||||||||||
| Net loss (income) | 9,568 | 2,800 | 14,673 | 12,584 | ||||||||||||
| Basic and diluted loss (income) per common shares | $ | 0.98 | $ | 0.31 | $ | 1.51 | $ | 1.79 | ||||||||
| Weighted average number of common shares | 9,748,639 | 8,914,287 | 9,729,340 | 7,030,903 |
Condensed Balance Sheets
| September 30, | September 30, | |||||||
| December 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Assets: | ||||||||
| Cash, cash equivalents and short term investments | $ | 64,927 | $ | 85,107 | ||||
| Amounts receivable | 812 | 1,224 | ||||||
| Prepaid and other current assets | 1,587 | 2,987 | ||||||
| Property, equipment and other assets | 689 | 600 | ||||||
| Total assets | $ | 68,015 | $ | 89,918 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 3,217 | $ | 893 | ||||
| Deferred Collaboration Revenue | 18,271 | 10,000 | ||||||
| Current portion of long term obligations | 1,417 | 1,314 | ||||||
| Warrant liability | 7,881 | 15,269 | ||||||
| Long term liabilities | 6,339 | 18,317 | ||||||
| Stockholders equity | $ | 30,890 | $ | 44,125 | ||||
| Total liabilities and stockholders equity | $ | 68,015 | $ | 89,918 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, March 8, 2012, to provide a business update and discuss the fourth quarter
and year ended 2011 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. The companies plan to begin Phase 3 development of custirsen in first-line treatment of advanced,
unresectable non-small cell lung cancer. OGX-427 is in Phase 2 clinical development; CSP-9222 and OGX-225 are 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 and statements regarding the potential benefits and potential development of our product candidates. 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 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 applicable law.
Zytiga is a registered trademark of the Johnson & Johnson Corporation
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SOURCE: OncoGenex Pharmaceuticals, Inc.