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

t December 31, 2009. Of the costs incurred in relation to the OGX-011 development plan, $2.8 million is receivable from Teva as of March 31, 2010. For 2010, we anticipate that we will incur operating expenses of between $30 million and $32 million, an increase from prior guidance which reflects additional manufacturing responsibilities for the Company under the OGX-011 development plan. These additional manufacturing costs are reimbursable from Teva and consequently there will be a corresponding increase in revenue for 2010. We continue to anticipate ending the year with cash, cash equivalents, short-term investments, and amounts receivable of between $29 million and $31 million.

The Company believes that its cash, cash equivalents, short-term investments and amounts receivable will be sufficient to fund its currently planned operations into 2012 and expect that both Phase III prostate cancer trials will be fully accrued by this time. The Company had 6,375,461 shares outstanding as at May 5, 2010.

"So far in 2010 we have advanced towards achieving key objectives for both OGX-011 and OGX-427 and have also added substantial biopharmaceutical experience to our Board of Directors," said Scott Cormack, president and chief executive officer of OncoGenex. "We remain on target to initiate the OGX-011 Phase III trial evaluating OGX-011 with docetaxel retreatment as second-line therapy in castrate-resistant prostate cancer ("CRPC") in the second quarter of 2010, while the Phase III trial evaluating OGX-011 with first-line docetaxel treatment in CRPC, the Phase II trial evaluating OGX-427 as a monotherapy in CRPC, and the Phase III trial evaluating OGX-011 with first-line chemotherapy in non-small cell lung
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SOURCE OncoGenex Pharmaceuticals, Inc.
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