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OncoGenex Reports Second Quarter 2009 Financial Results
Date:8/6/2009

    Conference Call on Thursday, August 6, 2009 at 4:30 p.m. Eastern Time

BOTHELL, WA, and VANCOUVER, Aug. 6 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. ("OncoGenex" or the "Company") (NASDAQ: OGXI) today reported unaudited financial results for the second quarter and six months ended June 30, 2009 and reviewed the Company's highlights for the second quarter of 2009.

The following consolidated results reflect the operations of OncoGenex Technologies Inc. ("OncoGenex Technologies") prior to the August 21, 2008 reverse takeover of Sonus Pharmaceuticals, Inc. ("Sonus"), and the consolidated results of OncoGenex thereafter.

The loss attributable to common shareholders for the second quarter increased to $4.6 million from $2.9 million in 2008. For the six months ended June 30, 2009 the loss attributable to common shareholders increased to $7.0 million from $5.4 million in 2008.

Research and development expenses for the second quarter increased to $3.6 million from $1.1 million in 2008. For the six months ended June 30, 2009 research and development expenses increased to $5.3 million from $2.0 million in 2008. The increases in 2009 were primarily due to manufacturing costs incurred in the first six months of 2009 associated with the development of our product candidates OGX-011 and OGX-427, an increase in employee expenses and higher facility costs resulting from the reverse takeover of Sonus. Reducing the expenses in the first six months of 2008 was a Scientific Research and Development (SRED) claim, which offset R D expenses in that period. The SRED program is a Canadian federal tax incentive program that encourages Canadian businesses to conduct research and development in Canada. As OncoGenex Technologies became an affiliate of a public company as a result of the reverse takeover, SRED claims can now only
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SOURCE OncoGenex Pharmaceuticals, Inc.
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