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

be applied against taxes payable.

General and administrative expenses for the second quarter increased to $1.0 million from $0.6 million in 2008. For the six months ended June 30, 2009 general and administrative expenses increased to $1.8 million from $1.2 million in 2008. The increases in 2009 were primarily due to increased employee expenses and increased costs associated with operating as a public company.

The second quarter and six months ended June 30, 2008 also included $0.8 million and $1.6 million respectively in preferred share accretion, a non-cash item, which did not recur in the second quarter or six months ended June 30, 2009, as subsequent to the reverse takeover there are no preferred shares outstanding.

The Company had $5.7 million in cash, cash equivalents and short-term investments as of June 30, 2009, compared to $12.4 million in cash, cash equivalents and short-term investments as of December 31, 2008.

On July 24, 2009, subsequent to the end of the second quarter, the Company announced that it had completed a registered direct offering of 475,000 shares of its common stock to institutional investors at a price of $20.00 per share, for gross proceeds of $9.5 million. The $20.00 offering price represented a 3.5% discount to the closing price on July 17, 2009, the last trading day prior to announcement. After deducting the estimated offering expenses payable by the Company, the net proceeds are expected to be approximately $9.4 million. The Company had 6,027,631 shares outstanding as at August 5, 2009. The Company believes that its cash, cash equivalents and short-term investments will be sufficient to fund its currently planned operations at least through 2010, including:

    -  continuing survival follow-up for previously announced phase 2
       clinical trials of OGX-011;
    -  completion of its phase 1 clinical trial evaluating OGX-427 as a
       monotherapy in patients with solid tumors
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SOURCE OncoGenex Pharmaceuticals, Inc.
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Related biology technology :

1. OncoGenex reports lead drug candidate OGX-011 achieved primary endpoint in Phase 2 Trial with second-line chemotherapy for prostate cancer
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3. OncoGenex to present at the Needham & Company 7th Annual Biotechnology & Medical Technology Conference
4. OncoGenex increases economic interest in lead cancer drug OGX-011
5. OncoGenex receives completed Special Protocol Assessment for primary registration study of lead drug candidate OGX-011
6. Sonus Pharmaceuticals and OncoGenex Technologies complete business combination; OncoGenex Pharmaceuticals to commence trading on NASDAQ Capital Market today
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10. OncoGenex Achieves Key Regulatory Milestone for Lead Product Candidate, OGX-011
11. OncoGenex Pharmaceuticals to Release Third Quarter Financial Results
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