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OncoGenex Reports Third Quarter Financial Results
Date:11/4/2010

s 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. OncoGen
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  • SOURCE OncoGenex Pharmaceuticals, Inc.
    Copyright©2010 PR Newswire.
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