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OncoGenex Reports First Quarter Financial Results
Date:5/7/2009

d of 2008. The increase for the first quarter of 2009 was primarily due to increased employee expenses and increased costs associated with operating as a public company. The first quarter of 2008 also included $0.8 million in preferred share accretion, a non-cash item, which did not recur in the first quarter of 2009, as subsequent to the reverse takeover there are no longer any preferred shares outstanding.

The Company had $9.4 million in cash and cash equivalents as of March 31, 2009, compared to $12.4 million in cash, cash equivalents and short-term investments as of December 31, 2008. The Company believes that its cash, cash equivalents and short-term investments will be sufficient to fund its currently planned operations through February 2010. The Company had 5,549,905 shares outstanding as at May 3, 2009.

"This is an exciting time for OncoGenex as we continue to progress on our clinical, regulatory and commercial objectives for 2009," said Scott Cormack, President and Chief Executive Officer of OncoGenex. "The final comprehensive survival analysis from the randomized Phase 2 clinical trial which compared OGX-011 in combination with docetaxel and prednisone to docetaxel and prednisone alone for first-line treatment of metastatic castrate resistant prostate cancer will be featured during an oral presentation at the American Society of Oncology 2009 Annual Meeting. The oral presentation will update the preliminary survival data that was released in December 2008 that indicated that patients in the OGX-011 treatment group had a rate of death approximately 40% lower than patients receiving chemotherapy without OGX-011. A second oral presentation at the ASCO 2009 Annual Meeting will feature preliminary data from our ongoing Phase 1 clinical trial evaluating OGX-427 in patients with solid tumors."

Cormack added, "In relation to our Phase 3 regulatory strategy, we have now received confirmations on two separate Phase 3 trial designs from the FD
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SOURCE OncoGenex Pharmaceuticals, Inc.
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