Satisfies initial listing requirements with NASDAQ; Stock Symbol 'OGXI'
Implements immediate restructuring program, which extends cash runway
while focusing on clinical pipeline programs
BOTHELL, WA, Aug. 21 /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. (formerly Sonus Pharmaceuticals, Inc.) (NASDAQ: OGXI) (the "Company") announced that the Company has completed its acquisition of OncoGenex Technologies and NASDAQ has approved the commencement of trading in Company's common stock on The NASDAQ Capital Market under the stock symbol 'OGXI' effective today, August 21, 2008, when the market opens. Prior to completing the acquisition, the Company changed its name to OncoGenex Pharmaceuticals, amended its authorized share capital and effected a one-for-eighteen reverse stock split.
"Clearly the shareholders of both companies, Sonus Pharmaceuticals and OncoGenex Technologies, strongly favored this transaction and our efforts to maintain a NASDAQ listing," said Scott Cormack, President and Chief Executive Officer of OncoGenex Pharmaceuticals. "On August 19th, a very strong percentage of Sonus' shareholders voted in favor of the transaction and voted in favor of a reverse stock split. One hundred percent of OncoGenex Technologies' shareholders voted in favor of the transaction."
Additionally, as announced on August 20th, the Company has implemented
cost-saving measures to preserve cash while focusing on its highest
potential product development programs. The Company will reduce workforce
by approximately 49%. As a result of these actions, the Company will incur
approximately $1.2 million in charges in the third quarter of 2008,
associated with employee severance costs. Management estimates that
|SOURCE OncoGenex Pharmaceuticals, Inc.|
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