OncoGenex Reports Third Quarter 2009 Financi...(l in patients with solid tumors; - ...)

Date:11/5/2009

l in patients with solid tumors; - continuing an investigator-sponsored Phase 1 clinical trial evaluating OGX-427 treatment in patients with bladder cancer; - continuing critical path initiatives including manufacturing and clinical trial readiness activities in anticipation of OGX-011 Phase 3 clinical trials; and - meeting working capital needs, capital expenditures and general corporate purposes.

"We have continued to make solid progress in advancing our product pipeline, most recently with the receipt of Fast Track Designation from the U.S. Food & Drug Administration (FDA) for OGX-011 in combination with first-line docetaxel treatment and the initiation of a Phase 1 clinical trial evaluating OGX-427 in patients with bladder cancer," said Scott Cormack, President and CEO of OncoGenex. "We were also able to complete a $9.5 million registered direct offering that, in addition to strengthening our balance sheet and extending our runway, has given us leverage in our effort to secure a development and commercialization partnership for our OGX-011 program and enabled us to commence critical path initiatives including manufacturing and clinical trial readiness activities in anticipation of OGX-011 Phase 3 clinical trials."

"The partnering discussions continue to advance," Cormack added. "In addition to evaluating economic terms, we have been focusing on the level of commitment by potential partners to a development plan for OGX-011. As we are presently drafting definitive agreements, we believe that we are on track to secure a development and commercialization partnership for OGX-011."

It has been widely reported that the Galleon Group is in the process of liquidating all of its funds and winding down its operations. The Galleon Group has verbally confirmed to OncoGenex management that it completed the liquidation of its entire position in OncoGenex on October 20, 2009.

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SOURCE  OncoGenex Pharmaceuticals, Inc.
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