BOTHELL, WA, and VANCOUVER, Apr 9, 2009 (Canada NewsWire via COMTEX News Network) -- OncoGenex Pharmaceuticals, Inc. ("OncoGenex" or the "Company") (NASDAQ: OGXI), announced today that it has been named the 2009 Life Sciences Company of the Year by LifeSciences British Columbia. This annual award is presented by LifeSciences British Columbia to recognize a local organization that has made outstanding contributions to the development of British Columbia's life sciences industry. This award recognizes a company for execution of business strategies, scientific excellence, leadership and vision and market position/opportunity. The organization also uses this award to increase public awareness and understanding of life sciences in the province.
"We are very pleased to be recognized for this award, especially in light of what was a particularly challenging economic environment in 2008," said Scott Cormack, President and CEO of OncoGenex. "For OncoGenex, 2008 was a tremendously active year as we took measures to prepare for the final stages of clinical development of our lead product candidate, OGX-011, for the treatment of cancer. We released Phase 2 clinical data showing a survival benefit in patients treated with OGX-011 and are working closely with the FDA to develop Phase 3 study designs and protocols defining a registration path for product approval. We also took measures to extend our cash runway, and we have been advancing discussions with potential development partners."
"There is no greater honour than to be recognized by one's peers," added Cormack. "I'd like to thank all the employees at OncoGenex, as this award was earned by each and every one of them through their dedication, hard work and loyalty."
About LifeSciences British Columbia
LifeSciences British Columbia supports and represents the biopharmaceutical, medical device, bioproducts, bioenergy and greater life sciences community of British Columbia through leadership, advocacy and promotion of British Columbia's world-class science and industry. Via active facilitation of partnering and investment into the life sciences sector, British Columbia is fast becoming a global life sciences leader. LifeSciences British Columbia is a not-for-profit, non-government industry-funded association.
About OncoGenex Pharmaceuticals
OncoGenex is a biopharmaceutical company committed to the development and commercialization of new therapies that address unmet needs in the treatment of cancer. OncoGenex has a deep oncology pipeline, with each product candidate having a distinct mechanism of action and representing a unique opportunity for cancer drug development. OGX-011, the lead candidate currently completing five Phase 2 clinical studies in prostate, lung and breast cancers, is designed to inhibit the production of a specific protein associated with treatment resistance; OGX-427 is in Phase 1 clinical development; SN2310 has completed the Phase 1 clinical trial; and CSP-9222 and OGX-225 are currently in pre-clinical development. More information about OncoGenex is available at www.oncogenex.com.
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 statements concerning the Company's key objectives for 2009, potential results of clinical trials, the potential benefits of the Company's product candidates and other anticipated activities, achievements, occurrences and performance. 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. All statements other than statements of historical fact are statements that could be deemed forward-looking statements.
The potential risks and uncertainties associated with forward-looking statements include, among others, the possibility that an agreement with the FDA cannot be reached regarding a clinical trial using pain as the primary endpoint for OGX-011, the timing and costs of clinical trials and regulatory approvals, risks that clinical trials will not be successful or confirm earlier or interim clinical trial results, the Company's need for additional financing, the uncertainty associated with any potential partnering discussions, risks relating to the development, safety and efficacy of therapeutic drugs and potential applications for these products and the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for fiscal year 2008. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or that if any of them do transpire or occur, what impact they would have on the results of operations or financial condition of the Company. The Company undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof.