OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Fourth Quarter and Year End 2013

 OncoGenex Pharmaceuticals, Inc. Reports Financial Results for Fourth Quarter                               and Year End 2013  Conference call to be held on Tuesday, March 11, 2014 at 4:30 p.m. Eastern Time  PR Newswire  BOTHELL, Wash. and VANCOUVER, British Columbia, March 11, 2014  BOTHELL, Wash. and VANCOUVER, British Columbia, March 11, 2014 /PRNewswire/ --OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today provided a summary of clinical developments and anticipated near-term milestones and announced fourth quarter and year end 2013 financial results.  Clinical Developments and Anticipated Near-term Milestones    oCustirsen         oThe SYNERGY Phase 3 trial is designed to evaluate a survival benefit          for custirsen, in combination with first-line docetaxel chemotherapy,          in men with metastatic castrate-resistant prostate cancer, or CRPC.          OncoGenex recently announced that the pre-specified number of events          required for final analysis of the Phase 3 SYNERGY trial were          reached. Overall survival results will remain blinded until all study          data have been thoroughly reviewed and prepared for final analysis,          and final results are expected by mid-year 2014.        oThe AFFINITY Phase 3 trial is designed to evaluate a survival benefit          for custirsen in combination with cabazitaxel treatment as          second-line chemotherapy in patients with CRPC. Enrollment of          approximately 630 patients is ongoing and expected to be completed by          the end of 2014.        oThe ENSPIRIT Phase 3 trial is evaluating a survival benefit for          custirsen in combination with docetaxel treatment as second-line          chemotherapy in patients with non-small cell lung cancer (NSCLC).          Enrollment of approximately 1,100 patients is ongoing.    oApatorsen         oOncoGenex and collaborating investigators are in the process of          conducting seven randomized Phase 2 clinical trials to evaluate          apatorsen's ability to inhibit heat shock protein 27 (Hsp27) and          improve treatment outcomes in bladder, lung, pancreatic and prostate          cancer patients. Patient enrollment in the Borealis-1™ Phase 2 trial          of apatorsen in combination with gemcitabine and cisplatin in          patients with metastatic bladder cancer was fully enrolled in July          2013 and data are expected to be available in the second half of          2014.  Financial Update and Results    oRevenue for the fourth quarter and year ended December 31, 2013 was $8.6     million and $29.9 million, respectively. This compares with $9.8 million     and $20.1 million, respectively, in the same periods in 2012. Revenue     earned in 2013 consists of reimbursable clinical trial, manufacturing and     preclinical costs incurred by OncoGenex under the Amended Clinical     Development Plan with Teva.   oThe Company has fulfilled its obligation of funding $30.0 million towards     the development of custirsen. Teva is required to fund all additional     expenses under the Amended Clinical Development Plan.   oTotal operating expenses for the fourth quarter and year ended December     31, 2013 were $15.6 million and $65.2 million, respectively, compared with     $16.0 million and $46.1 million, respectively, in the same periods in     2012. The increase in 2013 as compared to 2012 was predominantly the     result of higher clinical trial expenses associated with patient     enrollment and treatment in the AFFINITY and Borealis-1 trials, increased     costs related to our investigator-sponsored apatorsen trials, toxicology     expenses related to apatorsen and OGX-225 and increased employee expenses,     including stock-based compensation, due to an increase in the average     number of employees to support our clinical development activities.   oNet loss for the fourth quarter and year ended December 31, 2013 was $6.7     million, or $0.45 per diluted common share, and $31.8 million, or $2.17     per diluted common share, respectively. Comparatively, 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.   oThe company had $39.2 million in cash, cash equivalents and short-term     investments as of December 31, 2013, compared to $75.4 million as of     December 31, 2012.   oBased on current expectations, the company believes its capital resources     as of December 31, 2013 will be sufficient to fund its currently-planned     operations beyond the first quarter of 2015, and through:         othe expected release of final survival results from the SYNERGY trial          by mid-2014;        othe expected release of final survival results from the Borealis-1          trial in the second-half of 2014; and        othe completion of enrollment in the AFFINITY and Spruce trials by the          end of 2014.    oAt March 11, 2014, OncoGenex had 14,718,610 shares outstanding.  Consolidated Statements of Loss (In thousands, except per share and share data)                       Three months ended December   Twelve months ended                       31,                           December 31,                       2013           2012           2013          2012 Collaboration         $        $        $        $      revenue                  8,604      9,780                                                                     29,882       20,095 Operating expenses:  Research and        13,195         15,645         55,317        39,948 development  General and         2,446          2,042          9,892         7,791 administrative  Restructuring       -              (1,657)        -             (1,657) gain  Total operating   15,641         16,030         65,209        46,082 expenses Loss from             (7,037)        (6,250)        (35,327)      (25,987) operations  Other income        359            2,147          3,478         4,889 Net loss              $        $        $        $                              (6,678)     (4,103)     (31,849)    (21,098) Basic and diluted     $        $        $        $      net loss per share       (0.45)     (0.28)                                                                    (2.17)       (1.56) Weighted average number of basic and   14,707,558     14,656,793     14,683,389    13,522,723 diluted common shares Consolidated Balance Sheets (In thousands)                                                     December     December                                                     31,          31,                                                     2013          2012 Assets:  Cash, cash                                        $        $      equivalents, short                                                term investments                                    39,536       75,697 and restricted cash  Interest                                          218           327 receivable  Amounts                                           8,657         714 receivable  Prepaid expenses and other current                                   5,770         3,755 assets  Property, equipment and other                                 1,508         1,523 assets                                                     $        $      Total assets                                                                                                          55,689       82,016 Liabilities and stockholders' equity:  Accounts payable                                  $        $      and accrued                                                        liabilities                                         13,628       7,050  Current portion of long-term                                        1,092         1,084 obligations  Warrant liability                                 214           3,422  Long term                                         3,544         4,253 liabilities  Stockholders'                                     37,211        66,207 equity Total liabilities                                   $        $      and stockholders'                                                 equity                                              55,689       82,016    Conference Call Details OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Tuesday, March 11, 2014, to provide a business update and discuss the fourth quarter and year end 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.  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. OncoGenex and Teva 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 currently being evaluated in seven randomized Phase 2 trials for a variety of cancers and OGX-225 is currently in pre-clinical development. More information is available at www.OncoGenex.com and at the company's Twitter account: https://twitter.com/OncoGenex_IR.  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 expected financial results and expected cash requirements. 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 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, the risk that our cash resources are insufficient to fund our planned activities for the time period expected 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 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 Contact: Jaime Welch, jwelch@oncogenex.com, 604-630-5403; Investor Relations Contact: Susan Specht, sspecht@oncogenex.com, 425-686-1535  
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