OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Third Quarter 2013 and Addresses Key Questions from Investors on

 OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Third Quarter
 2013 and Addresses Key Questions from Investors on Quarterly Conference Call

Conference call to be held on Thursday, November 7 at 4:30pm Eastern Time

PR Newswire

BOTHELL, Wash. and VANCOUVER, British Columbia, Nov. 7, 2013

BOTHELL, Wash. and VANCOUVER, British Columbia, Nov. 7, 2013 /PRNewswire/
--OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced third
quarter 2013 financial results and will address frequently asked questions
from investors during the quarterly conference call. Questions, including
recent inquiries regarding the clinical development program and prostate
cancer market landscape, were submitted via the Company's website and other
communication channels. 

The Company will discuss timelines for the 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
castrate-resistant prostate cancer (CRPC).

The planned efficacy interim analysis for SYNERGY has not yet occurred. Once
the interim analysis has been conducted and the Independent Data Monitoring
Committee (IDMC) has rendered their recommendation, an update will be
provided. Final SYNERGY results continue to be expected by mid-2014; however,
results could be announced sooner in the event the IDMC recommends an early
unblinding of the trial.

"We are pleased with the tremendous clinical development progress of both
custirsen and apatorsen in 2013, and are excited about the future as we
approach key data announcements for both of these product candidates," stated
Scott Cormack, President and CEO of OncoGenex. "We continue to execute
according to plan and remain confident in our ability to change the lives of
people living with cancer."

Third Quarter 2013 Financial Update and Results

  oRevenue for the three and nine months ended September 30, 2013 increased
    to $9.9 million and $21.3 million, respectively. This compares to $6.6
    million and $10.3 million, respectively, in the same periods in 2012. The
    increases in 2013 compared to 2012 were 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 that was initiated in August 2012.
  oTotal operating expenses for the three and nine months ended September 30,
    2013 increased to $20.5 million and $49.6 million, respectively, compared
    to $14.9 million and $30.1 million, respectively, in the same periods in
    2012. The increases in 2013 compared to 2012 were due primarily to
    increased clinical trial expenses associated with patient enrollment and
    treatment in the AFFINITY and Borealis-1 trials, increased costs related
    to the investigator-sponsored trials, increased employee expenses due to
    an increase in the number of employees to support our clinical development
    activities and increased toxicology expenses related to apatorsen and
    OGX-225. These increases were partially offset by lower manufacturing
    costs due to the timing of apatorsen manufacturing activities.
  oNet loss for the three and nine months ended September 30, 2013 was $10.1
    million, or $0.68 per diluted common share, and $25.2 million, or $1.72
    per diluted common share, respectively. Net loss for the three and nine
    months ended September 30, 2012 was $5.9 million, or $0.40 per diluted
    common share, and $17.0 million, or $1.29 per diluted common share,
    respectively. The net loss in the nine months ended September 30, 2013
    included a non-cash gain on revaluation of the warrant liability of $2.9
    million compared with $2.5 million in the nine months ended September 30,
    2012.
  oThe Company had $46.8 million in cash, cash equivalents and short-term
    investments as of September 30, 2013, compared to $75.4 million as of
    December 31, 2012.
  o2013 cash guidance:

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

  oBased on its current expectations, the Company believes its capital
    resources as of September 30, 2013 will be sufficient to fund its
    currently planned operations into 2015 and through the expected release of
    final survival results from both the Synergy and Borealis-1 trials. The
    cash burn is expected to be reduced in 2014 compared with 2013 because the
    company-sponsored Borealis-1 trial is expected to incur the majority of
    its costs in 2013. Further, the investigator-sponsored OGX-427 Phase 2
    trials are substantially less capital-intensive than company-sponsored
    trials.
  oAt November 7, 2013, The Company had 14,707,636 shares outstanding.



Consolidated Statements of Loss
(In thousands, except per share and share data)
(unaudited)
                      Three months ended         Nine months ended September
                      September 30,              30,
                      2013          2012         2013             2012
Collaboration         $        $       $         $     
revenue                                   21,278          
                      9,862        6,570                        10,315
Operating expenses:
 Research and        18,004        12,895       42,122           24,303
development
 General and         2,473         1,965        7,446            5,749
administrative
 Total operating   20,477        14,860       49,568           30,052
expenses
Loss from             (10,615)      (8,290)      (28,290)         (19,737)
operations
 Other income        561           2,370        3,119            2,742
                      $        $       $         $     
Net loss                (10,054)            (25,171)           (16,995)
                                    (5,920)
Basic and diluted     $        $       $         $     
net loss per share                         (1.72)         
                      (0.68)       (0.40)                       (1.29)
Weighted average
number of basic and   14,690,984    14,619,842   14,675,244       13,141,940
diluted common
shares
Consolidated Balance Sheets
(In thousands)
                                                 September 30,  December
                                                                  31,
                                                 2013             2012
                                                 (unaudited)
Assets:
 Cash, cash                                                      $     
equivalents, short                               $           
term investments                                  47,091        75,697
and restricted cash
 Interest                                       295              327
receivable
 Amounts                                        9,922            714
receivable
 Prepaid expenses
and other current                                2,713            3,755
assets
 Property,
equipment and other                              1,618            1,523
assets
                                                 $         $     
Total assets                                      61,639          
                                                                  82,016
Liabilities and
stockholders'
equity:
 Accounts payable                               $         $     
and accrued                                       12,730           
liabilities                                                       7,050
 Current portion
of long-term                                     1,090            1,084
obligations
 Warrant liability                              548              3,422
 Long term                                      3,728            4,253
liabilities
 Stockholders'                                  43,543           66,207
equity
Total liabilities                                $         $     
and stockholders'                                 61,639          
equity                                                            82,016

Conference Call Details

OncoGenex will host a conference call at 4:30 p.m. Eastern Time today,
Thursday, November 7, 2013, to provide a business update and discuss the third
quarter 2013 results.

A live event will be available on the Investor Relations section of the
OncoGenex website 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. You can also monitor
key information from the conference call by following the new OncoGenex
Investor Relations Twitter account at: http://twitter.com/@OncoGenex_IR.

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. Apatorsen 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, statements regarding the potential benefits and potential development
of our product candidates and statements regarding our future expenses and the
use and adequacy of our cash resources. 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.

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
 
Press spacebar to pause and continue. Press esc to stop.