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

ber of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, among others, uncertainties regarding our future operating results, the risk that our product candidates will not obtain the requisite regulatory approvals to commercialize or that the future sales of our product candidates may be less than expected, and the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for fiscal year 2009. The Company undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

               Condensed Consolidated Statements of Operations
                               (in thousands)


                                                            Three months
                                                           Ended March 31,

                                                        2010         2009
                                                     (unaudited)  (unaudited)

    Collaboration revenue                             $  4,700      $      -

    Operating expenses
      Research and development                           6,380         1,694
      General and administrative                         1,350           782
                                                    -------------------------
    Total operating expenses                             7,730         2,476
    Other income (expense)                                 (14)           57
                                                    -------------------------
    Loss for the period before taxes                     3,044         2,419
      Income tax expense (recovery)                     
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SOURCE OncoGenex Pharmaceuticals, Inc.
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