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OncoGenex Reports Third Quarter Financial Results
Date:11/10/2008

Provides update on business and product pipeline

BOTHELL, WA and VANCOUVER, Nov. 10 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI), a biopharmaceutical company committed to the development and commercialization of new therapies that address unmet needs in the treatment of cancer, today reported unaudited financial results for the third quarter and nine months ended September 30, 2008.

Third Quarter 2008 Financial Results

On August 21, 2008, Sonus Pharmaceuticals, Inc. ("Sonus") and OncoGenex Technologies Inc. ("OncoGenex Technologies") completed a reverse takeover. In accordance with generally accepted accounting principles, OncoGenex Technologies is deemed to have acquired Sonus from an accounting perspective. Therefore, the consolidated results of operations of the Company include the results of OncoGenex Technologies for the third quarter and nine month periods that ended September 30, 2008 and 2007 respectively and the results of OncoGenex Pharmaceuticals, Inc. following the completion of the transaction with Sonus.

Research and development expenses for the third quarter and nine months ended September 30, 2008, were $1.6 million and $3.6 million respectively, compared with $1.1 million and $3.1 million respectively in 2007. The increases in 2008 were primarily due to costs associated with the development of OGX-427, an increase in employee expenses and higher facility costs resulting from the reverse takeover of Sonus.

General and administrative expenses for the third quarter and nine months ended September 30, 2008, were $1.0 million and $2.2 million respectively, compared with $0.6 million and $2.7 million respectively in 2007. The increase for the third quarter of 2008 wa
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SOURCE OncoGenex Pharmaceuticals, Inc.
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Related biology technology :

1. OncoGenex reports lead drug candidate OGX-011 achieved primary endpoint in Phase 2 Trial with second-line chemotherapy for prostate cancer
2. Sonus Pharmaceuticals and OncoGenex Technologies to Merge
3. OncoGenex to present at the Needham & Company 7th Annual Biotechnology & Medical Technology Conference
4. OncoGenex increases economic interest in lead cancer drug OGX-011
5. OncoGenex receives completed Special Protocol Assessment for primary registration study of lead drug candidate OGX-011
6. Sonus Pharmaceuticals and OncoGenex Technologies complete business combination; OncoGenex Pharmaceuticals to commence trading on NASDAQ Capital Market today
7. FDA Grants Fast Track Designation for OncoGenex Pharmaceuticals Lead Product Candidate OGX-011
8. OncoGenex Pharmaceuticals announces out-license of TOCOSOL Paclitaxel to Eagle Pharmaceuticals
9. OncoGenex To Present At The BioContact Quebec 2008 Annual Conference
10. OncoGenex Achieves Key Regulatory Milestone for Lead Product Candidate, OGX-011
11. OncoGenex Pharmaceuticals to Release Third Quarter Financial Results
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