VANCOUVER, July 3 /PRNewswire/ - OncoGenex Technologies Inc. and Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that the companies have amended their agreement and OncoGenex has elected to independently develop its lead cancer drug OGX-011. Under the amended agreement, OncoGenex is solely responsible for all future development activities, costs and partnering decisions related to OGX-011. Isis will no longer be responsible for funding 35% of development costs, will receive single digit royalties on future revenues of OGX-011, and will receive a portion of license fees and milestone payments received by OncoGenex from any future partner. There were no upfront payments associated with this amended agreement.
"This amendment allows us to increase our economic interest in OGX-011 as we advance the development of OGX-011 while also increasing our flexibility to further develop this product candidate," said Scott Cormack, President and CEO of OncoGenex. "In addition, we believe this new arrangement facilitates future partnering discussions since potential development and commercialization partners need only deal with one party."
"This amended agreement with OncoGenex is consistent with our strategy
to remain focused on discovering and developing drugs and licensing prior
to large Phase 3 trials. This has enabled us to continue to benefit from
the successes of antisense drugs through a growing annuity of licensing
fees, milestones and royalty payments with many focused partners," said B.
Lynne Parshall, COO and CFO of Isis. "We believe that clinical results to
date have established OGX-011 as one of many promising antisense drugs and
OncoGenex is now ideally situated to lead the final stages of development
of OGX-011 whi
|SOURCE OncoGenex Technologies Inc.|
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