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: 
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CO: OncoGenex Pharmaceuticals, Inc.
ST: Washington
NI: MTC ERN CONF  
-0- Mar/11/2014 20:01 GMT
 
 
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