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OncoGenex Pharmaceuticals, Inc. Provides Clinical Development Program Overview and Reports Financial Results for Second Quarter 2013
Date:8/8/2013

set by lower apatorsen manufacturing costs due to the timing of manufacturing activities.
  • Net loss for the second quarter and six months ended June 30, 2013 was $8.4 million, or $0.57 per diluted common share, and $15.1 million, or $1.03 per diluted common share, respectively. Net loss for the second quarter and six months ended June 30, 2012 was $4.2 million, or $0.29 per diluted common share, and $11.1 million, or $0.89 per diluted common share, respectively. The net loss in the six months ended June 30, 2013 included a non-cash gain on revaluation of the warrant liability of $2.3 million. 
  • The Company had $57.0 million in cash, cash equivalents and short-term investments as of June 30, 2013, compared to $75.4 million as of December 31, 2012.
  • 2013 cash guidance:
  • Net cash requirements are expected to be in the range of $40 - $50 million.
  • Year-end cash, cash equivalents and short-term investments are expected to be in the range of $25 - $35 million.
  • Based on its current expectations, the Company believes its capital resources as of June 30, 2013 will be sufficient to fund its currently planned operations into 2015.
  • At August 8, 2013, The Company had 14,680,395 shares outstanding.
  •  Consolidated Statements of Loss(In thousands, except per share and share data)(unaudited)Three months ended June 30,Six months ended June 30,2013201220132012Collaboration revenue

    $
    ,340$
    2,429$
    ,416$
    3,745Operating expenses:  Research and development

    13,2636,32624,11811,408  General and administrative

    2,4732,0474,9733,784Total operating expenses

    15,7368,37329,09115,192Loss from operations

    (9,396)(5,944)(17,675)(11,447)  Other income (expense)

    9761,7292,558372Net loss

    $
    (8,420)$
    (4,215)$
    (15,117)$
    (11,075)Basic and diluted net loss per share

    $
    (0.57)$
    (0.29)$
    (1.03)$<
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    SOURCE OncoGenex Pharmaceuticals, Inc.
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