OncoGenex Pharmaceuticals, Inc. Provides Clinical Development Program Overview and Reports Financial Results for First Quarter

OncoGenex Pharmaceuticals, Inc. Provides Clinical Development Program Overview
             and Reports Financial Results for First Quarter 2013

Conference call to be held on Thursday, May 2 at 4:30pm Eastern Time

PR Newswire

BOTHELL, Wash. and VANCOUVER, British Columbia, May 2, 2013

BOTHELL, Wash. and VANCOUVER, British Columbia, May 2, 2013 /PRNewswire/ --
OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today provided an overview of
clinical development activities for its two product candidates, custirsen and
OGX-427, and announced first quarter 2013 financial results.

OGX-427 Program Update

  oIn January 2013, the Company initiated the ORCA™ (Ongoing Studies
    Evaluating Treatment Resistance in CAncer) program, encompassing clinical
    trials of its unpartnered product candidate, OGX-427, across multiple
    cancer indications. Trials evaluating the addition of OGX-427 to commonly
    used anticancer therapies in patients with advanced bladder, lung,
    pancreatic and prostate cancers have been announced, with additional
    updates to the ORCA program expected to be provided later this year.

       oThe Borealis-1™ Trial is a company-sponsored, randomized,
         placebo-controlled Phase 2 trial of OGX-427 in combination with
         first-line gemcitabine and cisplatin in patients with metastatic
         bladder cancer. This global trial aims to enroll approximately 180
         patients and is expected to complete patient accrual in the second
         half of 2013.
       oThe Borealis-2™ Trial is an investigator-sponsored, randomized Phase
         2 trial evaluating OGX-427 in combination with docetaxel in patients
         with advanced or metastatic bladder cancer who have disease
         progression following first-line platinum-based chemotherapy.
         Borealis-2 was initiated in April of 2013 and aims to enroll
         approximately 200 patients.
       oThe Spruce™ Trial is an investigator-sponsored, randomized,
         placebo-controlled Phase 2 trial evaluating OGX-427 in combination
         with carboplatin and pemetrexed in patients with previously
         untreated, advanced, non-squamous, non-small cell lung cancer
         (NSCLC). Plans for Spruce were announced in April of 2013 and patient
         enrollment of approximately 155 patients is expected to begin in
         mid-2013.
       oThe Rainier™ Trial is 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 approximately 130
         patients with previously untreated metastatic pancreatic cancer.
         Plans for Rainier were announced in May of 2013 and patient
         enrollment is expected to begin in mid-2013.
       oThe Pacific™ Trial is an investigator-sponsored, randomized Phase 2
         trial evaluating OGX-427 in approximately 80 men with metastatic
         castrate-resistant prostate cancer (CRPC) who are experiencing rising
         prostate-specific antigen (PSA) while receiving Zytiga® (abiraterone
         acetate). The trial was initiated in December of 2012, and is
         currently enrolling at sites in the United States and Canada.

Custirsen Program Update

  oThe primary registration Phase 3 SYNERGY trial, designed to evaluate a
    survival benefit for custirsen in combination with first-line docetaxel
    chemotherapy in men with metastatic CRPC, completed enrollment in 2012.
    The SYNERGY trial is continuing as planned per the recommendation of an
    independent Data Monitoring Committee (DMC), who have completed the second
    and last futility analyses per protocol. The planned efficacy interim
    analysis has not yet occurred. The expected timing of final results is
    based on a pre-specified number of death events that is projected to occur
    in the fourth quarter of 2013, with data results expected to be announced
    in the first half of 2014.
  oPatient enrollment continues in the additional Phase 3 custirsen trials,
    AFFINITY and ENSPIRIT. The AFFINITY trial will evaluate the potential
    survival benefit of custirsen in combination with Jevtana® (cabazitaxel)
    as second-line chemotherapy in men with metastatic CRPC, and ENSPIRIT will
    evaluate the potential survival benefit of combining custirsen with
    docetaxel as second-line chemotherapy in patients with advanced or
    metastatic NSCLC.

"The initiation of multiple investigator-sponsored Phase 2 trials, across
tumor types, represents a significant inflection point in the creation of
value for OGX-427 for which we currently retain all commercialization rights,"
said Scott Cormack, President and Chief Executive Officer, OncoGenex
Pharmaceuticals, Inc. "Considered alongside the three Phase 3 trials of
custirsen, and a strong cash position that will sustain us into 2015, well
past the SYNERGY data read-out, we believe the company is well situated to
continue to execute against our development goals."

First Quarter 2013 Financial Update and Results

  oRevenue for the first quarter of 2013 increased to $5.1 million from $1.3
    million for the first quarter of 2012. The increase was due to higher
    revenue earned through the Company's strategic collaboration with Teva,
    resulting from clinical development activities associated with the
    AFFINITY trial which was initiated in August 2012.
  oTotal operating expenses for the first quarter of 2013 increased to $13.4
    million from $6.8 million for the first quarter of 2012. The increase was
    due primarily to higher clinical trial expenses associated with patient
    enrollment in the AFFINITY and Borealis-1 trials, increased costs directly
    associated with efforts to increase patient enrollment and higher employee
    expenses, including stock based compensation expenses. These increases
    were partially offset by lower manufacturing expenses due to timing of
    OGX-427 manufacturing activities.
  oNet loss for the first quarter of 2013 was $6.7 million, or $0.46 per
    diluted common share compared with a net loss of $6.9 million, or $0.67
    per diluted common share for the first quarter of 2012. The net loss for
    the first quarter of 2013 included a non-cash gain on revaluation of the
    Company's warrant liability of $1.4 million compared with a $1.4 million
    non-cash loss on revaluation of the warrant liability in the same period
    in 2012.
  oThe Company had $64.6 million in cash, cash equivalents and short-term
    investments as of March 31, 2013, compared with $75.4 million as of
    December 31, 2012.
  o2013 cash guidance:

       oNet cash requirements are expected to be in the range of $40 million
         to $50 million.
       oYear-end cash, cash equivalents and investments are expected to be in
         the range of $25 million to $35 million.

  oBased on current expectations, the Company believes its capital resources
    as of March 31, 2013 will be sufficient to fund its currently planned
    operations into 2015.
  oAt May 2, 2013, the Company had 14,670,395 shares outstanding.



Consolidated Statements of Loss
(In thousands, except per share and share data)
(unaudited)
                                         Three months ended March 31,
                                         2013               2012
Collaboration revenue                    $          $        
                                         5,076             1,316
Operating expenses:
 Research and development               10,855             5,082
 General and administrative             2,500              1,737
 Total operating expenses             13,355             6,819
Loss from operations                     (8,279)            (5,503)
 Other income (expense)                 1,582              (1,357)
Net loss                                 $           $       
                                         (6,697)            (6,860)
Basic and diluted net loss per share     $          $        
                                         (0.46)            (0.67)
Weighted average number of basic and     14,660,643         10,235,237
diluted common shares
Consolidated Balance Sheets
(In thousands)
                                         March 31,        December 31,
                                         2013               2012
                                         (unaudited)
Assets:
 Cash, cash equivalents, short term     $           $       
investments and restricted cash          64,903             75,697
 Interest receivable                    321                327
 Amounts receivable                     5,156              714
 Prepaid and other assets               4,537              4,907
 Property, equipment and other assets   437                371
Total assets                             $           $       
                                         75,354             82,016
Liabilities and stockholders' equity:
 Accounts payable and accrued           $          $        
liabilities                              7,925             7,050
 Current portion of long-term           1,088              1,084
obligations
 Warrant liability                      1,988              3,422
 Long term liabilities                  4,088              4,253
 Stockholders' equity                   60,265             66,207
Total liabilities and stockholders'      $           $       
equity                                   75,354             82,016

Conference Call Details

OncoGenex will host a conference call at 4:30 p.m. Eastern Time today,
Thursday, May 2, 2013, to provide a business update and discuss the first
quarter 2013 results.

A live event will be available on 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 replay of the webcast will be available approximately two
hours after the call and will be archived for 90 days.

ABOUT ONCOGENEX
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.

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.

ORCA™, Borealis-1™, Borealis-2™, Spruce™, Rainier™ and Pacific™, are
registered trademarks of OncoGenex Pharmaceuticals, Inc.
ABRAXANE® is a registered trademark of Celgene Corporation
JEVTANA® is a registered trademark of sanofi-aventis
Zytiga® is a registered trademark of the Johnson & Johnson Corporation



SOURCE OncoGenex Pharmaceuticals, Inc.

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