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  BOTHELL, Wash. and VANCOUVER, British Columbia, March 11, 2014 /CNW/ -  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            --  Custirsen             o The 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.             o The 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.             o The 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.         --  Apatorsen             o OncoGenex 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         --  Revenue 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.         --  The 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.         --  Total 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.         --  Net 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.         --  The 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.         --  Based 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:             o the expected release of final survival results from the               SYNERGY trial by mid-2014;             o the expected release of final survival results from the               Borealis-1 trial in the second-half of 2014; and             o the completion of enrollment in the AFFINITY and Spruce               trials by the end of 2014.         --  At 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      Twelve months ended December                      December 31,            31,                      2013        2012        2013          2012     Collaboration    $ 8,604     $ 9,780     $ 29,882      $ 20,095     revenue     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      $ (0.45)    $ (0.28)    $ (2.17)      $ (1.56)     loss per share     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 31,  December 31,                                              2013          2012     Assets:     Cash, cash     equivalents,     short term                               $ 39,536      $ 75,697     investments     and restricted     cash     Interest                                 218           327     receivable     Amounts                                  8,657         714     receivable     Prepaid     expenses and                             5,770         3,755     other current     assets     Property,     equipment and                            1,508         1,523     other assets     Total assets                             $ 55,689      $ 82,016     Liabilities     and     stockholders'     equity:     Accounts     payable and                              $ 13,628      $ 7,050     accrued     liabilities     Current     portion of                               1,092         1,084     long-term     obligations     Warrant                                  214           3,422     liability     Long term                                3,544         4,253     liabilities     Stockholders'                            37,211        66,207     equity     Total     liabilities     and                                      $ 55,689      $ 82,016     stockholders'     equity  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.  Media Contact: Jaime Welch, jwelch@oncogenex.com, 604-630-5403; Investor  Relations Contact: Susan Specht, sspecht@oncogenex.com, 425-686-1535  http://www.OncoGenex.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/March2014/11/c4563.html  CO: OncoGenex Pharmaceuticals, Inc. ST: Washington NI: MTC ERN CONF  
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