OncoGenex Announces Plans for the Initiation of the Rainier™ Clinical Trial Evaluating OGX-427 in Combination with ABRAXANE®

 OncoGenex Announces Plans for the Initiation of the Rainier™ Clinical Trial
Evaluating OGX-427 in Combination with ABRAXANE® plus Gemcitabine in Patients
                      with Metastatic Pancreatic Cancer

Pancreatic Cancer Becomes the Fourth Tumor Type Evaluated as Part of the
OGX-427 ORCA™ Program, In Addition to Bladder, Lung and Prostate Cancers

PR Newswire

BOTHELL, Wash. and VANCOUVER, British Columbia, May 1, 2013

BOTHELL, Wash. and VANCOUVER, British Columbia, May 1, 2013 /PRNewswire/ --
OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced plans for the
initiation of the Rainier™ trial, an investigator-sponsored, randomized,
placebo-controlled Phase 2 trial evaluating OGX-427 in combination with
ABRAXANE^® (paclitaxel protein-bound particles for injectable
suspension)(albumin-bound) and gemcitabine in patients with previously
untreated metastatic pancreatic cancer.

Rainier will randomize approximately 130 patients to receive either OGX-427 or
placebo in combination with ABRAXANE and gemcitabine therapy. The primary
endpoint of the trial will be overall survival, with additional analyses to
evaluate progression-free survival (PFS), tumor response rates, safety,
tolerability, and the effect of therapy on heat shock protein (Hsp27) levels.

"Based on the positive survival results demonstrated by the Phase 3 MPACT
(Metastatic Pancreatic Adenocarcinoma Clinical Trial) trial, many patients
with advanced pancreatic cancer will undoubtedly receive treatment with
gemcitabine plus ABRAXANE in the future. However, survival times remain short
for these patients, and we need to continue to explore new strategies to
address treatment resistance," stated Andrew H. Ko MD, Associate Professor of
Medicine, Division of Hematology/Oncology at the University of California, San
Francisco, and a primary investigator on the trial. "The Rainier trial
provides us the opportunity to explore the role of Hsp27 in pancreatic cancer,
and the potential ability of OGX-427 to improve on clinical outcomes when
added to combination chemotherapy."

The trial is being sponsored by the Sarah Cannon Research Institute (SCRI) and
will be conducted at approximately 12 sites in the United States. Dr. Andrew
H. Ko from the University of California, San Francisco, and Dr. Johanna
Bendell, Director, GI Cancer Research Program at SCRI, will serve as the
primary investigators on the trial. "We are very excited to bring this trial
of an exciting novel agent to patients with metastatic pancreatic cancer, who
desperately need more treatment options," said Dr. Bendell. 

Pancreatic cancer accounts for approximately 279,000 new cases each year
worldwide. In the United States, an estimated 45,000 people will be diagnosed
with pancreatic cancer and approximately 38,500 will die from the disease in
2013. Most pancreatic cancer patients will die within the first year of
diagnosis, and five-year survival rates are only about 6 percent. An estimated
85 to 90 percent of patients present with locally advanced or metastatic
disease. Median five-year survival for patients diagnosed with stage IV
disease is just 4.5 months, demonstrating the need for new therapies with
improved efficacy.

OGX-427 is a once-weekly intravenous (IV) drug that is designed to inhibit
production of heat shock protein (Hsp27) to disable cancer cells' defenses and
overcome treatment resistance. Hsp27 is an intracellular protein that protects
cancer cells by helping them survive, leading to resistance and more
aggressive cancer phenotypes.

The ORCA (Ongoing Studies Evaluating Treatment Resistance in CAncer) program
encompasses clinical trials of OGX-427. Phase 2 clinical trials are underway
in bladder, lung, pancreatic and prostate cancers, with additional updates to
the ORCA program expected to be provided later this year. For more information
on OGX-427 and ORCA, please visit www.OncoGenex.com.

OncoGenex is a biopharmaceutical company committed to the development and
commercialization of new 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.OncoGenexandTeva Pharmaceutical
Industries Ltd.(NYSE: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 and in
patients with advanced, unresectable non-small cell lung cancer. OGX-427 is in
Phase 2 clinical development and OGX-225 is currently in pre-clinical
development. More information is available at www.OncoGenex.com.

Sarah Cannon Research Institute (SCRI) is a global strategic research
organization focusing on advancing therapies for patients. It is one of the
largest clinical research programs, conducting community-based clinical trials
in oncology and cardiology through affiliations with a network of more than
700 physicians in the United States and United Kingdom. Additionally, SCRI
offers management, regulatory and other research support services to drug
development sponsors and strategic investigator sites. For more information,
please visit sarahcannonresearch.com.

OncoGenex' Forward Looking Statements
This 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 completion and
design and statements regarding the potential benefits and potential
development 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, including, among others, the risk
that our product candidates will not demonstrate the hypothesized or expected
benefits, the risk of delays in our expected clinical trials, the risk that
new developments in the rapidly evolving cancer therapy landscape require
changes in our clinical trial plans or limit the potential benefits of our
product candidates and the other factors described in our risk factors set
forth in our filings with theSecurities and Exchange Commissionfrom time to
time, including the Company's Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q. 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.

ABRAXANE^® is a registered trademark of Celgene Corporation.
ORCA™ and Rainier™ are registered trademarks of OncoGenex Pharmaceuticals,

SOURCE OncoGenex Pharmaceuticals, Inc.

Website: http://www.oncogenex.com
Contact: Media: Jaime Welch, jwelch@oncogenex.com, 604-630-5403; Investor
Relations: Susan Specht, sspecht@oncogenex.com, 425-686-1535
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