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OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Third Quarter 2013 and Addresses Key Questions from Investors on Quarterly Conference Call
Date:11/7/2013

million, respectively, in the same periods in 2012. The increases in 2013 compared to 2012 were due to an increase in revenue earned through the Company's strategic collaboration with Teva, as a result of the clinical development activities associated with the AFFINITY trial that was initiated in August 2012.
  • Total operating expenses for the three and nine months ended September 30, 2013 increased to $20.5 million and $49.6 million, respectively, compared to $14.9 million and $30.1 million, respectively, in the same periods in 2012. The increases in 2013 compared to 2012 were due primarily to increased clinical trial expenses associated with patient enrollment and treatment in the AFFINITY and Borealis-1 trials, increased costs related to the investigator-sponsored trials, increased employee expenses due to an increase in the number of employees to support our clinical development activities and increased toxicology expenses related to apatorsen and OGX-225.  These increases were partially offset by lower manufacturing costs due to the timing of apatorsen manufacturing activities.
  • Net loss for the three and nine months ended September 30, 2013 was $10.1 million, or $0.68 per diluted common share, and $25.2 million, or $1.72 per diluted common share, respectively. Net loss for the three and nine months ended September 30, 2012 was $5.9 million, or $0.40 per diluted common share, and $17.0 million, or $1.29 per diluted common share, respectively. The net loss in the nine months ended September 30, 2013 included a non-cash gain on revaluation of the warrant liability of $2.9 million compared with $2.5 million in the nine months ended September 30, 2012. 
  • The Company had $46.8 million in cash, cash equivalents and short-term investments as of September 30, 2013, compared to $75.4 million as of December 31, 2012.
  • 2013 cash guidance:
  • Net cash requirements are expected to be in the range of $40 - $50 million.

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    SOURCE OncoGenex Pharmaceuticals, Inc.
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