Net income for the third quarter and nine months ended September 30, 2008, was $4.6 million and $0.8 million respectively, compared to net losses of $1.9 million and $6.3 million respectively in 2007. The net income recognized in both 2008 periods was primarily due to the impact of an extraordinary gain on the reverse takeover of Sonus and a reversal of tax expense associated with the change in capital structure of OncoGenex Technologies, both non-cash items.
The Company had $17.2 million in cash, cash equivalents and short-term
investments as of September 30, 2008, compared with $5.1 million as of
December 31, 2007. The Company has 5,513,643 shares outstanding as at
November 7, 2008 of which 694,431 are subject to escrow provisions.
OncoGenex continues to believe it has sufficient cash, cash equivalents and
short-term investments to fund its currently planned operations through
- completion to final data of its ongoing Phase 2 clinical trials of
- completion of its Phase 1 clinical trial of OGX-427;
- reaching an agreement with the U.S. Food and Drug Administration
(FDA) on the design of an additional Phase 3 registration trial of
OGX-011 in patients with hormone refractory prostate cancer via the
Special Protocol Assessment (SPA) process; and
- completion of pharmacology and formulation evaluations of CSP-9222.
"We have achieved important milestones in the third quarter of 2008
|SOURCE OncoGenex Pharmaceuticals, Inc.|
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