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OncoGenex Pharmaceuticals Completes $9.5 Million Registered Direct Offering
Date:7/24/2009

BOTHELL, WA and VANCOUVER, July 24 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) announced today that it has completed its registered direct offering, previously announced on July 20, 2009, of 475,000 shares of its common stock to institutional investors at a price of $20.00 per share, for gross proceeds to the Company of approximately $9.5 million. The $20 offering price represented a 3.5% discount to the closing price on July 17, 2009, the last trading day prior to announcement. After deducting the estimated offering expenses payable by the Company, the net proceeds are expected to be approximately $9.4 million.

The Company plans to use the net proceeds from the offering primarily for manufacturing readiness activities and general corporate purposes.

The shares of common stock offered by OncoGenex in this transaction were offered and sold pursuant to OncoGenex's existing shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on July 17, 2009. There was no placement agent or underwriter in this transaction.

Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained at the Securities and Exchange Commission's web site at http://www.sec.gov, or from OncoGenex Pharmaceuticals, Inc., 1522 217th Pl. SE, Suite 100, Bothell, WA 98021-7617, Attention: Chief Financial Officer.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common stock of OncoGenex, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

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