Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Fourth Quarter and Year End 2013
Conference call to be held on Tuesday, March 11, 2014 at 4:30 p.m. Eastern Time
BOTHELL, WA, and VANCOUVER, British Columbia, March 11, 2014 OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today provided a summary of
clinical developments and anticipated near-term milestones and announced fourth quarter and year end 2013 financial results.
Clinical Developments and
Anticipated Near-term Milestones
Financial Update and Results
Consolidated Statements of Loss
(In thousands, except per share and share data)
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Collaboration revenue | $ | 8,604 | $ | 9,780 | $ | 29,882 | $ | 20,095 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 13,195 | 15,645 | 55,317 | 39,948 | ||||||||||||
| General and administrative | 2,446 | 2,042 | 9,892 | 7,791 | ||||||||||||
| Restructuring gain | (1,657 | ) | (1,657 | ) | ||||||||||||
| Total operating expenses | 15,641 | 16,030 | 65,209 | 46,082 | ||||||||||||
| Loss from operations | (7,037 | ) | (6,250 | ) | (35,327 | ) | (25,987 | ) | ||||||||
| Other income | 359 | 2,147 | 3,478 | 4,889 | ||||||||||||
| Net loss | $ | (6,678 | ) | $ | (4,103 | ) | $ | (31,849 | ) | $ | (21,098 | ) | ||||
| Basic and diluted net loss per share | $ | (0.45 | ) | $ | (0.28 | ) | $ | (2.17 | ) | $ | (1.56 | ) | ||||
| Weighted average number of basic and diluted common shares | 14,707,558 | 14,656,793 | 14,683,389 | 13,522,723 |
Consolidated Balance Sheets
| December 31, 2013 | December 31, 2012 | |||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 39,536 | $ | 75,697 | ||||
| Interest receivable | 218 | 327 | ||||||
| Amounts receivable | 8,657 | 714 | ||||||
| Prepaid expenses and other current assets | 5,770 | 3,755 | ||||||
| Property, equipment and other assets | 1,508 | 1,523 | ||||||
| Total assets | $ | 55,689 | $ | 82,016 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 13,628 | $ | 7,050 | ||||
| Current portion of long-term obligations | 1,092 | 1,084 | ||||||
| Warrant liability | 214 | 3,422 | ||||||
| Long term liabilities | 3,544 | 4,253 | ||||||
| Stockholders equity | 37,211 | 66,207 | ||||||
| Total liabilities and stockholders equity | $ | 55,689 | $ | 82,016 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Tuesday, March 11, 2014, to provide a business update and discuss the fourth
quarter and year end 2013 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.
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
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.
Apatorsen is currently being evaluated in seven randomized Phase 2 trials for a variety of cancers 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
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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