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Sonus Pharmaceuticals and OncoGenex Technologies to Merge
Date:5/28/2008

- Combined Company Will Have Three Oncology Products in Clinic - - Lead Candidate Targets Hormone Refractory Prostate and Non-Small Cell

Lung Cancers - - Conference Call to be Held Wednesday, May 28th, at 11:00 a.m. Pacific

Time -

BOTHELL, WA and VANCOUVER, May 28 /PRNewswire-FirstCall/ - Sonus Pharmaceuticals, Inc. (NASDAQ: SNUS) and OncoGenex Technologies Inc., a privately held biopharmaceutical development company, today jointly announced the signing of a definitive agreement to merge the two companies. The combined company will operate as OncoGenex Pharmaceuticals, Inc. Scott Cormack, OncoGenex' current President and Chief Executive Officer will continue as President and CEO of the company. As a result of the merger, the combined company will have a strong oncology pipeline addressing distinct unmet needs in the treatment of cancer, including three candidates in various stages of clinical development. Its 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.

"In October 2007, Sonus outlined its strategy to rebuild shareholder value," said Mr. Michael Martino, President and Chief Executive Officer of Sonus. "Our goal was to identify quality assets to enhance, complement and leverage the strengths of our existing clinical pipeline, capabilities, infrastructure, cash and public listing. Today we are pleased to announce the result of that rigorous process in the proposed merger of Sonus and OncoGenex Technologies. We believe that this transaction represents an outstanding value creation oppo
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SOURCE OncoGenex Technologies Inc.
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