BOTHELL, WA and VANCOUVER, Sept. 2 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) ("OncoGenex" or the "Company") has announced today that it has granted to Eagle Pharmaceuticals, Inc. the exclusive worldwide rights to develop and commercialize TOCOSOL(R) Paclitaxel. Under the terms of the agreement, OncoGenex is entitled to receive royalty payments from future TOCOSOL Paclitaxel sales and a percentage of sub-licensing royalty and milestone payments received by Eagle Pharmaceuticals. All development expenses are the sole responsibility of Eagle Pharmaceuticals. No upfront payments or milestone payments were included in this transaction and no further terms have been disclosed.
TOCOSOL Paclitaxel was previously developed by Sonus Pharmaceuticals prior to the combination of Sonus and OncoGenex Technologies to form the Company on August 21, 2008. In previous disclosures, the Company stated that it had terminated further development of TOCOSOL Paclitaxel and would evaluate alternative strategies for the program, including out-licensing.
"We intend to focus all of our efforts on the deep pipeline we currently have in development, including OGX-011 which is completing five Phase 2 clinical studies in prostate, breast and lung cancers," said Scott Cormack, President and CEO of OncoGenex Pharmaceuticals. "TOCOSOL Paclitaxel was not part of that strategy, and we are pleased to be able to out-license the program to an organization with interest in continuing development of this product candidate."
About OncoGenex Pharmaceuticals
OncoGenex Pharmaceuticals is a biopharmaceutical company committed to
the development and commercialization of new cancer therapies that address
unmet needs in the treatme
|SOURCE OncoGenex Pharmaceuticals, Inc.|
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