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

g. OGX-427 is designed to reduce levels of Hsp27, a heat shock protein that is over-produced in response to many cancer treatments including hormone ablation therapy, chemotherapy, and radiation therapy. Results demonstrated that OGX-427 was safe and well tolerated as monotherapy, as well as in combination with docetaxel. In addition, when OGX-427 was used as a single agent there were declines in circulating tumor cells in patients at all doses and in all diseases evaluated, as well as evidence of reduction in tumor markers in prostate and ovarian cancer. - Partnering discussions and assessment of other opportunities to expand the development plan into additional randomized Phase 2 trials will continue. - A Phase 1 trial in bladder cancer is currently underway. - A randomized Phase 2 trial in CRPC is expected to initiate later this year.

Financial Results

Under our Collaboration Agreement with Teva relating to our contribution to the custirsen Phase 3 development plan, we earned Collaboration Revenues of $1.7 million and $6.4 million, respectively, for the three and six months ended June 30, 2010, compared to no revenues in the corresponding periods of 2009. Of the revenues in the second quarter, $362 thousand is reimbursable from Teva on a cash basis and is included on the Company's balance sheet as amounts receivable at June 30, 2010. As of June 30, 2010, $24.1 million of the upfront payment received from Teva was included on the Company's balance sheet as deferred collaboration revenue which we are amortizing over the expected performance period of our del
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SOURCE OncoGenex Pharmaceuticals, Inc.
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