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OncoGenex Reports First Quarter Financial Results
Date:5/6/2010

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Research and development expenses for the first quarter ended March 31, 2010 were $6.4 million, compared to $1.7 million in the corresponding period of 2009. The increased research and development expenses resulted from OncoGenex's contribution to the OGX-011 Phase III clinical trials in the amount of $1.9 million and manufacturing costs in the amount of $2.8 million, the latter of which is reimbursable from Teva.

General and administrative expenses for the first quarter ended March 31, 2010 were $1.4 million, compared to $0.8 million in the corresponding period of 2009. The increase in the first quarter of 2010 was due mainly to higher employee expenses including severance charges, professional fees for legal and accounting services, employee recruitment costs and stock based compensation expense.

The net loss for the first quarter ended March 31, 2010 was $3.0 million, compared to $2.4 million in the corresponding period of 2009.

The Company had $47.6 million in cash, cash equivalents and short-term investments as of March 31, 2010, compared to $64.6 million at December 31, 2009. The decrease in cash, cash equivalents, and short-term investments is primarily due to costs incurred in the first quarter of 2010 relating to the OGX-011 development plan, and the $10 million payment made to Isis in the first quarter of 2010, which was included in accounts payable as a
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SOURCE OncoGenex Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
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