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OncoGenex Reports Third Quarter 2009 Financial Results
Date:11/5/2009

Conference Call on Thursday, November 5, 2009 at 4:30 p.m. Eastern Time

BOTHELL, WA and VANCOUVER Nov. 5 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. ("OncoGenex" or the "Company") (NASDAQ: OGXI) today reported unaudited financial results for the third quarter and nine months ended September 30, 2009 and reviewed the Company's highlights for the third 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.

Research and development expenses for the third quarter of 2009 decreased to $1.5 million from $1.6 million in 2008, due mainly to lower costs associated with OGX-427. For the nine months ended September 30, 2009 research and development expenses increased to $6.8 million from $3.6 million in 2008. The increase was primarily due to OGX-011 and OGX-427 manufacturing-related costs incurred in the first nine months of 2009, an increase in employee expenses and higher facility costs resulting from the reverse takeover of Sonus. Reducing the expenses in the first nine 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 be applied against taxes payable.

General and administrative expenses for the third quarter decreased to $0.9 million from $1.0 million in 2008, due mainly to lower legal and accounting fees incurred in 2009. For the nine months ended S
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SOURCE OncoGenex Pharmaceuticals, Inc.
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