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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SOURCE OncoGenex Pharmaceuticals, Inc. Copyright©2012 PR Newswire. All rights reserved

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