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 treatment of cancer. OncoGenex has a deep oncology pipeline, with each product candidate having a distinct mechanism of action and representing a unique opportunity for cancer drug development. OGX-011, the lead candidate currently completing five Phase 2 clinical studies in prostate, lung and breast cancers, is designed to inhibit the production of a specific protein associated with treatment resistance; OGX-427 and SN2310 are in Phase 1 clinical development; and CSP-9222 and OGX-225 are currently in pre-clinical development. More information is available at http://www.oncogenex.com.
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 statements concerning future development, product registration and sales of TOCOSOL Paclitaxel, and anticipated clinical and other product development activities and timing of these activities. 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. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. For example, statements of Eagle's intent and ability to develop and achieve marketing approval, potential for OncoGenex to receive any future revenues or sub-licensing revenues from the out-licensing of TOCOSOL Paclitaxel, the depth of OncoGenex' product pipeline, the timing of clinical trials and development efforts and the results of clinical and pre-clinical studies are all forward-looking statements. The potential risks and uncertainties include, among others, the possibility that Eagle may not have the financial or other resources required to develop TOCOSOL Paclitaxel, the timing and costs of clinical trials and regulatory approvals, risks that clinical trials will not be successful or confirm earlier clinical trial results, risks associated with obtaining funding from third parties or completing a financing necessary to support the costs and expenses of clinical studies as well as research and development activities, as well as other risks relating to the development, safety and efficacy of therapeutic drugs and potential applications for these products. A more complete discussion of risks and uncertainties that may affect forward-looking statements is included in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for fiscal year 2007, and its Quarterly Report on Form 10-Q for the first quarter of 2008. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. The Company undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof.
|SOURCE OncoGenex Pharmaceuticals, Inc.|
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