BOTHELL, Wash. and VANCOUVER, Aug. 4, 2011 /PRNewswire/ -- OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today provided an update on current events and activities and announced its second quarter financial results.
Second Quarter 2011 Highlights
Conference Call DetailsOncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, August 4, 2011, to provide a business update and discuss the second quarter financial results. A live event will be available through the Events and Presentations Web page found in the Investor Relations section of the OncoGenex Web site at www.oncogenex.com . Alternatively, you may access the live conference call by dialing (877) 606-1416 (U.S. & Canada) or (707) 287-9313 (International). A webcast replay will be available approximately two hours after the call and will be archived on www.oncogenex.com for 90 days.
About OncoGenex PharmaceuticalsOncoGenex is a biopharmaceutical company committed to the development and commercialization of new cancer therapies that address treatment resistance in cancer patients. OncoGenex has a diverse oncology pipeline, with each product candidate having a distinct mechanism of action and representing a unique opportunity for cancer drug development. OncoGenex and Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) have entered a global collaboration and license agreement to develop and commercialize OncoGenex' lead drug candidate, custirsen. Custirsen is currently in Phase 3 clinical development as a treatment in men with metastatic castrate-resistant prostate cancer. The companies plan to begin Phase 3 development of custirsen in first-line treatment of advanced, unrespectable non-small cell lung cancer. OGX-427 is in Phase 2 clinical development; CSP-9222 and OGX-225 are currently in pre-clinical development.
OncoGenex' Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning our anticipated product development activities, such as expected clinical trial initiation and completion dates, patient enrollment targets, proposed amendments to our ongoing clinical trial design and the timing and possibility for approval by the FDA thereof, the timing and costs of our product development activities and the potential benefits of our product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, among others, the risk of delays in our expected clinical trials and the uncertainties regarding patient enrollment rates, the risk that the FDA does not approve our proposed amendment to the Saturn trial design in a timely fashion or at all, the risk that our product candidates do not obtain the requisite regulatory approvals to commercialize, the risk that new developments in the rapidly evolving prostate cancer therapy landscape require additional changes in our clinical trial design or limit the potential benefits of our product and the other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including the Company's Quarterly Report on Form 10-Q for second quarter ended June 30, 2011. The Company undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.Condensed Consolidated Statements of Operations
(in thousands)Three monthsSix monthsEnded June 30,Ended June 30,2011201020112010(unaudited)
$6,401Operating expensesResearch and development
9,459General and administrative
2,825Total operating expenses
12,284Loss from operations
5,883Other income (expense)
(7)Loss for the period before taxes
5,890Income tax expense (recovery)
$ 2,890Basic and diluted loss per common share
0.45Weighted average number of common shares Basic
6,366,861Condensed Consolidated Balance Sheets
(in thousands)June 30,December 31,20112010(unaudited)Assets:Cash, cash equivalents and short term investments
$ 85,107Amounts receivable
1,224Prepaid and other current assets
2,987Property, equipment and other assets
$ 89,918Liabilities and stockholders' equity:Accounts payable and accrued expenses
$ 893Current deferred collaboration revenue
15,269Other current liabilities
1,314Long term liabilities
18,317Stockholders' equity (deficiency)
44,125Total liabilities and stockholders' equity (deficiency)
|SOURCE OncoGenex Pharmaceuticals, Inc.|
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