Full Press Release Details
OncoGenex Pharmaceuticals Reports Financial Results for Third Quarter 2011 and Highlights Advancement of Portfolio Compounds
Conference call to be held on Thursday, November 3, 2011 at 4:30 p.m. Eastern Time
BOTHELL, Wash. and VANCOUVER, British Columbia, November 3, 2011 OncoGenex Pharmaceuticals, Inc.
(NASDAQ: OGXI) today provided an update on current events and activities and announced its third
quarter financial results.
Key Activities Update
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, November 3, 2011,
to provide a business update and discuss the third quarter financial results. A live event will be
available through the Events and Presentations Web page found in 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
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 III
clinical development as a treatment in men with metastatic castrate-resistant prostate cancer. The
companies plan to begin Phase III development of custirsen in first-line treatment of advanced,
unresectable non-small cell lung cancer. OGX-427 is in Phase II clinical development; CSP-9222 and
OGX-225 are currently in pre-clinical development. More information is available at
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. 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 of delays in our expected clinical trials and the presentation of clinical
data and the uncertainties regarding patient enrollment rates, the risk that new developments in
the rapidly evolving cancer therapy landscape require additional changes in our clinical trial
design 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 Quarterly Report on Form 10-Q for third quarter ended September 30, 2011.
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
Condensed Consolidated Statements of Operations
| Three months | Nine months | |||||||||||||||
| Ended September 30, | Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Collaboration revenue | $ | 1,174 | $ | 4,881 | $ | 4,260 | $ | 11,282 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 3,814 | 6,723 | 14,076 | 16,182 | ||||||||||||
| General and administrative | 1,457 | 1,067 | 4,499 | 3,892 | ||||||||||||
| Restructuring expense | 4,038 | 4,038 | ||||||||||||||
| Total operating expenses | 5,271 | 11,828 | 18,575 | 24,112 | ||||||||||||
| Loss from operations | 4,097 | 6,947 | 14,315 | 12,830 | ||||||||||||
| Other income (expense) | 8,567 | 53 | 9,211 | 46 | ||||||||||||
| Loss (income) for the period before taxes | (4,470 | ) | 6,894 | 5,104 | 12,784 | |||||||||||
| Income tax expense (recovery) | (3,000 | ) | ||||||||||||||
| Net loss (income) | $ | (4,470 | ) | $ | 6,894 | $ | 5,104 | $ | 9,784 | |||||||
| Basic and diluted loss per common share | ||||||||||||||||
| Basic | (0.46 | ) | 1.07 | 0.52 | 1.53 | |||||||||||
| Diluted | (0.45 | ) | 1.07 | 0.52 | 1.53 | |||||||||||
| Weighted average number of common shares | ||||||||||||||||
| Basic | 9,736,589 | 6,453,950 | 9,722,836 | 6,396,210 | ||||||||||||
| Diluted | 10,043,821 | 6,453,950 | 9,722,836 | 6,396,210 |
Condensed Consolidated Balance Sheets
| September 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| (unaudited) | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents and short term investments | $ | 69,256 | $ | 85,107 | ||||
| Amounts receivable | 987 | 1,224 | ||||||
| Prepaid and other current assets | 3,730 | 2,987 | ||||||
| Property, equipment and other assets | 707 | 600 | ||||||
| Total assets | $ | 74,680 | $ | 89,918 | ||||
| Liabilities and stockholders equity: | ||||||||
| Accounts payable and accrued expenses | 1,465 | $ | 893 | |||||
| Current deferred collaboration revenue | 10,000 | 10,000 | ||||||
| Warrant liability | 6,248 | 15,269 | ||||||
| Other current liabilities | 1,406 | 1,314 | ||||||
| Long term liabilities | 15,536 | 18,317 | ||||||
| Stockholders equity (deficiency) | 40,025 | 44,125 | ||||||
| Total liabilities and stockholders equity (deficiency) | $ | 74,680 | $ | 89,918 |
Investor Relations Contact:
SOURCE: OncoGenex Pharmaceuticals, Inc.