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OncoGenex Pharmaceuticals, Inc. Provides Update on Clinical Development Program and Reports Financial Results for Fourth Quarter and Year End 2012
Date:3/7/2013

$9.8 million and $20.1 million, respectively.  This compares with $1.2 million and $5.5 million, respectively, in the same periods in 2011. The increase in 2012 compared to 2011 was due to an increase in revenue earned through the Company's strategic collaboration with Teva, as a result of the clinical development activities associated with the AFFINITY trial which was initiated in August 2012. Revenue for 2012 included recognition of $18.3 million from the $30.0 million upfront payment, as well as $1.8 million earned through collaborative research.
  • At December 31, 2012, the $30.0 million advanced reimbursement received from Teva in December 2009 was fully expended resulting in a Current Deferred Collaboration Revenue balance of zero.  Teva is required to fund all additional expenses under the Amended Clinical Development Plan.
  • Total operating expenses for the fourth quarter and year ended December 31, 2012 increased to $16.0 million and $46.0 million, respectively, compared with $9.2 million and $27.8 million, respectively, in the same periods in 2011. The increase in 2012 as compared to 2011 was due primarily to higher clinical study expenses associated with the start-up of the AFFINITY trial, increased patient enrollment in the Borealis-1 trial, OGX-427 manufacturing costs and increased employee expenses, including stock-based compensation expense.  These increases were partially offset by lower preclinical expenses.  Included in operating expenses for the fourth quarter and year ended December 31, 2012 was a $1.7 million restructuring gain related to revised assumptions used to estimate the value of the Company's excess lease liability.
  • Net loss for the fourth quarter and year ended December 31, 2012 was $4.1 million, or $0.28 per diluted common share, and $21.1 million, or $1.56 per diluted common share, respectively. Net loss for the fourth quarter and year ended December 31, 2011 was $9.6 million, or $0.
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