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Sonus Pharmaceuticals and OncoGenex Technologies complete business combination; OncoGenex Pharmaceuticals to commence trading on NASDAQ Capital Market today

the restructuring announced today extends the Company's current runway by an additional quarter. Following the restructuring, the Company will have 27 full and part-time employees. As of June 30, 2008, OncoGenex and Sonus on a combined basis held $26 million in cash, cash equivalents and short term investments.

"We have chosen to swiftly implement the restructuring we deem necessary to effectively utilize cash assets while maintaining the resources to advance our priority clinical programs," added Cormack. "We continue to retain a highly qualified clinical and regulatory team with impressive experience bringing oncology drug candidates to the FDA and to market."

The combined company has a strong oncology pipeline addressing distinct unmet needs in the treatment of cancer, including three candidates in various stages of clinical development. The Company's lead candidate, OGX-011, is being evaluated in five Phase 2 clinical trials, each of which has completed patient enrollment. Interim study results have previously been presented for each of the five clinical trials. Details on the pipeline follow:

- OGX-011, also known as custirsen sodium, inhibits the production of

clusterin, a protein that is associated with treatment resistance in

a number of solid tumors, including prostate, breast, non-small cell

lung, ovarian, and bladder cancers. It has potential applicability as

a therapeutic in a broad number of cancers at different stages and

can potentially be used in combination with a variety of commonly

used cancer treatments, including chemotherapy, radiation therapy,

and hormone ablation therapy. Recently announced preliminary data in

a Phase 2 clinical trial evaluating OGX-011 in combination with

second-line chemotherapy in patients with hormone refractory prostate

cancer has shown that retreatment with docetaxel in combination with

SOURCE OncoGenex Pharmaceuticals, Inc.
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