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

ent 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
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