Full Press Release Details
OncoGenex Pharmaceuticals, Inc. Reports Second Quarter and First-Half 2012 Financial
Results and Reviews Clinical Development Highlights for Custirsen and OGX-427
Conference call to be held on Thursday, August 2, 2012 at 4:30 p.m. Eastern Time
BOTHELL, WA., and VANCOUVER, British Columbia, August 2, 2012 OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced financial
results for its second quarter and six months ended June 30, 2012 and provided an overview of the clinical development activities of its two product candidates, custirsen and OGX-427.
Custirsen Clinical Development Highlights
OGX-427 Clinical Development Highlights
Second Quarter and First-Half 2012 Financial Update and Results
Consolidated Statements of Loss
(In thousands, except per share and share data)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Collaboration revenue | $ | 2,429 | $ | 1,887 | $ | 3,745 | $ | 3,086 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 6,326 | 5,409 | 11,408 | 10,262 | ||||||||||||
| General and administrative | 2,047 | 1,471 | 3,784 | 3,042 | ||||||||||||
| Total operating expenses | 8,373 | 6,880 | 15,192 | 13,304 | ||||||||||||
| Loss from operations | 5,944 | 4,993 | 11,447 | 10,218 | ||||||||||||
| Other income (expense) | 1,729 | (1,537 | ) | 372 | 643 | |||||||||||
| Loss for the period before income taxes | 4,215 | 6,530 | 11,075 | 9,575 | ||||||||||||
| Income taxes | ||||||||||||||||
| Net loss | $ | 4,215 | $ | 6,530 | $ | 11,075 | $ | 9,575 | ||||||||
| Basic and diluted net loss per share | $ | 0.29 | $ | 0.67 | $ | 0.89 | $ | 0.99 | ||||||||
| Weighted average number of common shares | 14,554,502 | 9,718,251 | 12,394,869 | 9,715,846 |
Consolidated Balance Sheets
| June 30, | December 31, | |||||||
| 2012 | 2011 | |||||||
| (unaudited) | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents, short term investments and restricted cash | $ | 97,962 | $ | 65,304 | ||||
| Amounts receivable | 956 | 812 | ||||||
| Prepaid and other current assets | 5,970 | 1,210 | ||||||
| Property, equipment and other assets | 3,129 | 689 | ||||||
| Total assets | $ | 108,017 | $ | 68,015 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued liabilities | $ | 2,883 | $ | 3,217 | ||||
| Deferred collaboration revenue | 15,372 | 18,271 | ||||||
| Current portion of long-tem obligations | 1,440 | 1,417 | ||||||
| Warrant liability | 7,667 | 7,881 | ||||||
| Long term liabilities | 5,940 | 6,339 | ||||||
| Stockholders equity | 74,715 | 30,890 | ||||||
| Total liabilities and stockholders equity | $ | 108,017 | $ | 68,015 |
Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, August 2, 2012, to provide a business update and discuss the second quarter 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 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 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. Phase 3 development of custirsen in treatment of advanced, unresectable non-small cell lung cancer is expected to be initiated in 2012. OGX-427 is in Phase 2 clinical development,
and OGX-225 is currently in pre-clinical development. More information is available at www.OncoGenex.com.
OncoGenex Forward Looking
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 completion, statements regarding the potential benefits
and potential development of our product candidates and statements regarding our future financial results and availability of cash resources. 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, 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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