Net loss for the fourth quarter and year ended December 31, 2008 was $5.0 million and $6.2 million, respectively, compared to net losses of $3 million and $11.5 million, respectively, in the corresponding periods of 2007. The increase for the fourth quarter of 2008 was primarily due to increased employee expenses, costs associated with the development of OGX-427 and increased costs associated with operating as a public company. The decrease for the year ended December 31, 2008 was primarily due to the impact of an extraordinary gain recognized in connection with the reverse takeover of Sonus and a reversal of tax expense associated with the change in capital structure of OncoGenex Technologies, both non-cash items.
The Company had $12.4 million in cash, cash equivalents and short-term investments as of December 31, 2008, compared to $5.1 million as of December 31, 2007. The Company expects that operating expenses for 2009 will remain consistent with 2008 and believes it has sufficient cash, cash equivalents and short-term investments to fund ongoing operations through February 2010. The Company had 5,548,469 shares outstanding as at March 3, 2009.
OGX-011 Development Highlights
"As the data from Phase 2 studies of OGX-011 have matured over the past year, we are gaining a clearer picture of the potential clinical utility of OGX-011, particularly regarding the benefits of overall survival and pain palliation for the treatment of CRPC," said Cormack. "The endpoints of survival and pain palliation from our Phase 2 studies directly transla
|SOURCE OncoGenex Pharmaceuticals, Inc.|
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