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OncoGenex Reports Financial Results for Fourth Quarter and Fiscal Year 2008 and Provides Outlook for 2009

nts that could be deemed forward-looking statements.

The potential risks and uncertainties associated with forward-looking statements include, among others, the possibility that an agreement with the FDA cannot be reached regarding a clinical trial using pain as the primary endpoint for OGX-011, the timing and costs of clinical trials and regulatory approvals, risks that clinical trials will not be successful or confirm earlier or interim clinical trial results, the Company's need for additional financing, the uncertainty associated with any potential partnering discussions, risks relating to the development, safety and efficacy of therapeutic drugs and potential applications for these products and the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for fiscal year 2008. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or that if any of them do transpire or occur, what impact they would 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.

               Condensed Consolidated Statements of Operations
                               (in thousands)

                                    Three Months Ended        Year Ended
                                       December 31,          December 31,
                                       2008       2007       2008       2007
    Operating expenses
      Research and development     $  4,198   $  1,060   $  7,819   $  4,135
      General and administrative      1,050        831      3,293      3,540
                                   --------------------  --------------------
    Total oper
SOURCE OncoGenex Pharmaceuticals, Inc.
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