Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Fourth Quarter and Year End 2014
Conference call to be held on Thursday, March 26, 2015 at 4:30 p.m. Eastern Time
BOTHELL, WA, and VANCOUVER, British Columbia, March 26, 2015 OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today provided a summary of
clinical developments and announced fourth quarter and year end 2014 financial results.
Clinical Developments and Anticipated Near-term Milestones
In the past year, we saw progress in all seven of our ongoing Phase 2 and Phase 3 trials across
a broad spectrum of oncology indications with high unmet needs, said Scott Cormack, President and CEO of OncoGenex. Key trial results are helping to direct our focus on the roles of custirsen and apatorsen in bladder and prostate cancer
patients with poor prognostic factors, and we look forward to additional opportunities to evaluate these compounds further in these settings. We are excited about the year ahead as we anticipate a number of important clinical events in 2015 and into
Financial Update and Results
(In thousands, except per share and share data)
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Collaboration revenue | $ | 5,653 | $ | 8,604 | $ | 27,116 | $ | 29,882 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 9,852 | 13,195 | 46,224 | 55,317 | ||||||||||||
| General and administrative | 2,733 | 2,446 | 10,625 | 9,892 | ||||||||||||
| Restructuring gain | (267 | ) | (267 | ) | ||||||||||||
| Total operating expenses | 12,318 | 15,641 | 56,582 | 65,209 | ||||||||||||
| Loss from operations | (6,665 | ) | (7,037 | ) | (29,466 | ) | (35,327 | ) | ||||||||
| Other income (expense) | 983 | 359 | 3,226 | 3,478 | ||||||||||||
| Net loss | $ | (5,682 | ) | $ | (6,678 | ) | $ | (26,240 | ) | $ | (31,849 | ) | ||||
| Basic and diluted net loss per share | $ | (0.26 | ) | $ | (0.45 | ) | $ | (1.45 | ) | $ | (2.17 | ) | ||||
| Weighted average number of basic and diluted common shares | 21,499,446 | 14,707,558 | 18,098,799 | 14,683,389 |
Consolidated Balance Sheets
| December 31, 2014 | December 31, 2013 | |||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 47,308 | $ | 39,536 | ||||
| Interest receivable | 113 | 218 | ||||||
| Amounts receivable | 5,676 | 8,657 | ||||||
| Prepaid expenses and other current assets | 2,165 | 5,770 | ||||||
| Property, equipment and other assets | 1,029 | 1,508 | ||||||
| Total assets | $ | 56,291 | $ | 55,689 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 15,730 | $ | 13,628 | ||||
| Current portion of long-term obligations | 236 | 1,092 | ||||||
| Warrant liability | 3,002 | 214 | ||||||
| Lease Termination Liability | 3,250 | |||||||
| Long term liabilities | 14 | 3,544 | ||||||
| Stockholders equity | 34,059 | 37,211 | ||||||
| Total liabilities and stockholders equity | $ | 56,291 | $ | 55,689 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, March 26, 2015, to provide a business update and discuss the fourth
quarter and year end 2014 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 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.
OncoGenex Forward Looking Statements
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 the expected termination of
our collaboration agreement with Teva and related payments expected to be made in connection with the termination, 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 a final termination agreement is not completed with Teva on the expected terms, if
at all, 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 applicable law.
Borealis-1 , Borealis-2 , Rainier and
Spruce are registered trademarks of OncoGenex Pharmaceuticals, Inc.
registered trademark of Celgene Corporation.
Jevtana is a registered trademark of Sanofi.