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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

  • Year-end cash, cash equivalents and short-term investments are expected to be in the range of $25 - $35 million.
  • Based on its current expectations, the Company believes its capital resources as of September 30, 2013 will be sufficient to fund its currently planned operations into 2015 and through the expected release of final survival results from both the Synergy and Borealis-1 trials. The cash burn is expected to be reduced in 2014 compared with 2013 because the company-sponsored Borealis-1 trial is expected to incur the majority of its costs in 2013.  Further, the investigator-sponsored OGX-427 Phase 2 trials are substantially less capital-intensive than company-sponsored trials. 
  • At November 7, 2013, The Company had 14,707,636 shares outstanding.
  •  Consolidated Statements of Loss(In thousands, except per share and share data)(unaudited)Three months ended September 30,Nine months ended September 30,2013201220132012Collaboration revenue$
    9,862$
    ,570$
    21,278$
    ,315Operating expenses:  Research and development18,00412,89542,12224,303  General and administrative2,4731,9657,4465,749Total operating expenses20,47714,86049,56830,052Loss from operations(10,615)(8,290)(28,290)(19,737)  Other income5612,3703,1192,742Net loss$
    (10,054)$
    (5,920)$
    (25,171)$
    (16,995)Basic and diluted net loss per share$
    (0.68)$
    (0.40)$
    (1.72)$
    (1.29)Weighted average number of basic and diluted common shares14,690,98414,619,84214,675,24413,141,940Consolidated Balance Sheets(In thousands) September 30,  December 31, 20132012 (unaudited) Assets:  Cash, cash equivalents, short term investments and restricted cash$
    47,091$
    75,697  Interest receivable295327  Amounts receivable9,922714  Prepaid expenses and other current assets2,7133,755  Property, equipment and other assets1,6181,523Total assets$
    ,639$
    82,016Liabilities and stockholder
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    SOURCE OncoGenex Pharmaceuticals, Inc.
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