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

s primarily due to increased employee expenses and increased costs associated with operating as a public company. The decrease for the nine month period in 2008 was due primarily to higher financing related costs incurred in 2007 attributable to OncoGenex Technologies' preparation for an initial public offering in the 2007 period, partly offset by higher employee expenses and increased costs associated with operating as a public company in the 2008 period.

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 2009, including:

- completion to final data of its ongoing Phase 2 clinical trials of

OGX-011;

- 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 further
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SOURCE OncoGenex Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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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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