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OncoGenex Reports Second Quarter Financial Results
Date:8/5/2010

Conference Call on Thursday, August 5, 2010 at 4:30 p.m. Eastern Time

BOTHELL, WA and VANCOUVER, Aug. 5 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. ("OncoGenex" or the "Company") (NASDAQ: OGXI) today reported unaudited financial results for the three and six months ended June 30, 2010 and reviewed the Company's highlights for the second quarter of 2010.

The Company reported net income of $0.2 million for the quarter ended June 30, 2010. Net loss before income taxes for the quarter ended June 30, 2010 was $2.8 million. As of June 30, 2010, cash and investment securities totalled $47.3 million, a decrease of $0.3 million from the March 31, 2010 balance of $47.6 million. Management believes existing cash and investment securities will provide adequate resources to fund the Company's currently planned operations into mid-2012.

"At OncoGenex we are committed to developing new cancer therapies, such as OGX-011/TV-1011 (custirsen) and OGX-427, which we believe have the potential to reduce treatment resistance and thereby increase the efficacy of various therapeutic agents used in numerous cancer indications," said Scott Cormack, president and chief executive officer of OncoGenex. "Despite the number of new treatment options for patients
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SOURCE OncoGenex Pharmaceuticals, Inc.
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