Navigation Links
OncoGenex Reports Third Quarter Financial Results

OncoGenex Reports Third Quarter Financial Results

Advanced Search Search

  1. Send a release
  2. Member sign in
  3. Become a member
  4. For journalists
  5. Global sites
PR Newswire: news distribution, targeting and monitoring
  1. Products & Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
Biotechnology, Medical Pharmaceuticals, Earnings, Clinical Trials & Medical Discoveries Click to view news release full screen  

OncoGenex Reports Third Quarter Financial Results


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

BOTHELL, WA, and VANCOUVER, Nov. 4 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. ("OncoGenex" or the "Company") (NASDAQ: OGXI) today reported unaudited financial results for the three and nine months ended September 30, 2010 and provided an update on the business, the recent financing and anticipated use of proceeds to advance the product pipeline.

"The public offering in October was a transformative event for us," said Scott Cormack, president and chief executive officer of OncoGenex. "The $46.7 million in estimated net proceeds in addition to our prior cash reserves provides us with approximately four years of cash, which we believe is sufficient to complete all three OGX-011/TV1011 (custirsen) Phase 3 trials including the Phase 3 trial in non-small cell lung cancer (NSCLC) that we expect to initiate next year."

"In addition, we now have the financial capacity to expand the OGX-427 program into a second randomized Phase 2 clinical trial. This proposed trial will evaluate OGX-427 in combination with standard chemotherapy as first-line treatment for metastatic bladder cancer, and will enroll approximately 180 patients," added Cormack. "Due to begin in 2011, this trial will complement the ongoing randomized Phase 2 clinical trial in prostate cancer, and Phase 1 clinical trial in superficial bladder cancer. Like custirsen, OGX-427 has broad potential for therapeutic benefit across a number of tumor types including bladder cancer, the fifth most common form of cancer. This underserved patient population is in desperate need of new treatment options." The Company reported a loss for the quarter ended September 30, 2010 of $6.9 million. As of September 30, 2010, cash and investment securities totalled $42.1 million. Together with the estimated $46.7 million proceeds from our October financing, and based on current and planned development activities, management believes existing cash and investment securities will provide adequate resources to fund the Company's currently planned operations into late 2014. Additional Recent Business Highlights

  • On November 2, 2010, the Company was notified that it had been awarded two grants totaling $489,000 under the Internal Revenue Service's Therapeutic Discovery Tax Credit Program. This program was created under the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants representing up to 50 percent of eligible qualified investments in therapeutic discovery projects during tax years 2009 and 2010. OncoGenex applied for and is receiving these funds to support the company's custirsen and OGX-427 development projects.
  • Custirsen

  • With our partner Teva, we announced initiation of our second Phase 3 trial evaluating custirsen as first line therapy for the treatment of castrate-resistant prostate cancer (CRPC). The trial, which we are referring to as "The SYNERGY Trial," will be conducted in approximately 125 cancer centers and will enroll approximately 800 men who have disease progression and require first-line chemotherapy. The primary endpoint of the trial is overall survival.
  • The SYNERGY trial, along with "The Prostate Cancer Saturn Trial," which was initiated in June, comprises the Phase 3 development program to develop and commercialize custirsen in CRPC.  The Phase III trial in NSCLC is scheduled to commence in 2011.
  • Results from a randomized Phase 2 trial of docetaxel and prednisone with or without custirsen in patients with metastatic CRPC was published in the September 20, 2010 issue of the Journal of Clinical Oncology. The trial results showed a survival benefit with custirsen in patients with advanced prostate cancer. The median overall survival for patients who were treated with custirsen plus first-line docetaxel/prednisone was 23.8 months compared to 16.9 months for patients treated with docetaxel/prednisone alone.
  • OGX-427

  •  A randomized Phase 2 trial in CRPC was initiated in the third quarter of 2010. The Phase 2 trial will enroll up to 72 patients who have minimally symptomatic or asymptomatic advanced prostate cancer and who have not yet received chemotherapy. This trial is designed to determine the potential benefit of OGX-427 on disease progression, and will also measure the effect of OGX-427 on prostate specific antigen (PSA), time to progression, circulating tumor cells and other relevant secondary endpoints. Grant funding in support of this trial has been awarded by an independent granting agency to Dr. Kim Chi, a medical oncologist at the BC Cancer Agency and Research Scientist at the Vancouver Prostate Centre.
  • We continue to accrue patients in a Phase 1 clinical trial evaluating OGX-427 infusion into the bladder prior to surgical removal of all or part of the bladder. This study, also grant funded, is sponsored by the National Cancer Institute of Canada (NCIC).
  • Financial Results Under our Collaboration Agreement with Teva relating to our contribution to the custirsen Phase 3 development plan, we earned Collaboration Revenues of $4.9 million and $11.3 million, respectively, for the three and nine months ended September 30, 2010, compared to no revenues in the corresponding periods of 2009. Of the revenues in the third quarter, $3.5 million is reimbursable from Teva on a cash basis and is included on the Company's balance sheet as amounts receivable at September 30, 2010. As of September 30, 2010, $23 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 deliverables under our agreement. We currently expect this performance period to end in the fourth quarter of 2012.

    Research and development expenses for the three and nine months ended September 30, 2010 were $6.7 million and $16.2 million, respectively, compared to $1.5 million and $6.3 million, respectively, in the corresponding periods of 2009. The increased research and development expenses recorded in the three and nine months ended September 30, 2010 are the result of increased expenses relating to OncoGenex's contribution to the custirsen Phase 3 clinical trials and increased employee expenses.

    General and administrative expenses for the three and nine months ended September 30, 2010 were $1.1 million and $3.9 million, respectively, compared to $0.9 million and $2.7 million, respectively, in the co

    SOURCE OncoGenex Pharmaceuticals, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

    Related biology technology :

    1. OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering
    2. OncoGenex Pharmaceuticals, Inc. Prices $50 Million Public Offering
    3. OncoGenex Pharmaceuticals, Inc. Announces Proposed Public Offering
    4. OncoGenex Pharmaceuticals to Present at the 9th Annual BIO Investor Forum
    6. OncoGenex Pharmaceuticals, Inc. - Journal of Clinical Oncology Publishes Data from Randomized Phase 2 Custirsen Trial
    7. OncoGenex Reports Second Quarter Financial Results
    8. OncoGenex Pharmaceuticals Announces Initiation of a Phase 3 Trial in Men with Metastatic Prostate Cancer
    9. OncoGenex Pharmaceuticals to Present at the 9th Annual Needham Healthcare Conference
    10. OncoGenex Reports First Quarter Financial Results
    11. OncoGenex Pharmaceuticals to Webcast Discussion of Financial Results for Fourth Quarter and Fiscal Year 2009
    Post Your Comments:
    (Date:10/8/2015)... PORTLAND, Oregon , October 8, 2015 /PRNewswire/ ... . --> Global Biologics and Biosimilars ... added a report "Global Biologics and Biosimilars Industry ... Growth, Analysis and Forecast" is a professional and ... Biosimilars industry . ) , ...
    (Date:10/8/2015)... , Oct. 8, 2015 /PRNewswire/ - RepliCel Life Sciences Inc. ... company focused on the development of autologous cell therapies, today ... partnering meetings taking place in the month of October: ... Partnering Forum RepliCel will be presenting at the ... on the Mesa to be held October 7-9 in ...
    (Date:10/8/2015)... ... October 08, 2015 , ... ProMIS Neurosciences, ... agreement to develop and commercialize intellectual property rights belonging to The University of ... 2009, and affords exclusive worldwide rights to intellectual property based on use of ...
    (Date:10/7/2015)... ... 07, 2015 , ... Neil Riordan, PhD to Discuss Medicinal Effects of Mesenchymal ... Mar-a-Lago from 3:50 pm to 4:30 pm. , Dr. Riordan is one of the ... He is the Co-Founder and Chief Science Officer of the Riordan-McKenna Institute ...
    Breaking Biology Technology:
    ... Green Mountain Energy Company to take the necessary steps in ... enabling them to operate as a "carbon neutral" analytical laboratory. ... ... Alkemists Pharmaceuticals today announced that it has partnered with Green Mountain ...
    ... 30 , - Shares Acquired From Biggar ... biotechnology company,focused on eye disease, vascular disease and ... based in Belgium have together acquired an 8%,stake ... Biggar Limited, a,charitable foundation that is ThromboGenics largest ...
    ... SAN DIEGO, July 29 Arena Pharmaceuticals,Inc. (Nasdaq: ... second quarter 2008,financial results after the NASDAQ Global ... afternoon, Jack Lief, Arena,s President and Chief,Executive Officer, ... Chief Financial Officer, will host a conference call ...
    Cached Biology Technology:
    (Date:9/29/2015)... 2015  iDAvatars is excited to be named one of ... market. The official announcement was recently made at an invite-only ... San Francisco , where iDAvatars presented a ... Watson. "It is both an honor and a ... bring to market the cognitive power of IBM Watson in ...
    (Date:9/28/2015)... , Sept. 28, 2015 Synaptics Inc. (NASDAQ: ... solutions, today announced that Lenovo has selected Synaptics , ... FS4202, for its latest smartphone, the Vibe P1. The ... to unlock the device and provide swift access to ... The feature-rich Natural ID FS4202 sensor solution utilizes AES256-bit ...
    (Date:9/10/2015)... , Sept. 10, 2015 Report ... New Study Reveals Selling Opportunities and Revenue Prospects ... the future of biologics, especially new drug classes? ... will stay ahead with exclusive market data and ... explore trends, developments, results, opportunities and sales predictions. ...
    Breaking Biology News(10 mins):
    ... began a rapid period of change called the Cambrian ... life forms over many millions of years that ultimately ... help palaeontologists chronicle the evolution of life since then, ... billion years that preceded the Cambrian Period is challenging, ...
    ... turnover and remodelling of lipid membranes could help phytoplankton cope ... team led by Patrick Martin of the National Oceanography Centre ... rapidly change the chemical composition of its cell membranes in ... the process may be important for nutrient cycling and the ...
    ... University researchers focusing on rice genetics are providing a ... nutrients. Their research provides insight into ways of ... research. Frank White, professor of plant pathology, and ... in partnership with researchers at three other institutions, of ...
    Cached Biology News:
    MAb to Myoglobin Cardiac...
    ... ALH 4000 workstation is the simplest, easiest-to-use ... introduce automated liquid handling capabilities,into their labs, ... to support routine applications on a separate ... walk-away automation even when you have ...
    ... Covance has generated hybridomas against a ... project initiation, you are provided with ... Hybridoma cell lines developed by Covance ... A typical hybridoma development project has ...
    ... normalization is essential for hunting and ... approaches, such as EST sequencing projects, ... methods are not well suited for ... Evrogen TRIMMER kit, though, is specially ...
    Biology Products: