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OncoGenex Reports Financial Results For Second Quarter 2016

Published: Aug 05, 2016

BOTHELL, Wash. and VANCOUVER, British Columbia, Aug. 4, 2016 /PRNewswire/ -- OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced its second quarter 2016 financial results and provided a summary of anticipated milestones.

Financial Results and Anticipated Near-term Milestones

As of June 30, 2016, the company's cash, cash equivalents, and short-term investments were $39.7 million compared with $55.2 million as of December 31, 2015.

Based on current expectations, OncoGenex believes that its cash, cash equivalents, and short-term investments will be sufficient to fund its currently planned operations into the third quarter of 2017. Depending on timing of enrollment or event-driven final analyses, the expected key milestones and activities are as follows:  

  • Custirsen
    • Announcing results from the AFFINITY trial, the phase 3 trial evaluating a survival benefit for custirsen in combination with cabazitaxel as second-line chemotherapy in approximately 630 patients with castrate-resistant prostate cancer. The final analysis for the intent-to-treat population is expected in the third quarter of 2016.
    • Announcing results from the ENSPIRIT trial, the phase 3 trial evaluating a survival benefit for custirsen in combination with docetaxel as second-line chemotherapy in approximately 700 patients with non-small cell lung cancer. The final survival analysis is expected by the first half of 2017.
  • Apatorsen
    • Announcing results from the Borealis-2 trial, an investigator-sponsored, randomized phase 2 trial evaluating apatorsen in combination with docetaxel treatment compared to docetaxel treatment alone in patients with advanced or metastatic bladder cancer. Final results are expected in the fourth quarter of 2016.
    • Completing a submission-ready investigational new drug application regarding apatorsen via intravesical administration in combination with Bacillus Calmette-Guerin (BCG) treatment in patients with non-muscle invasive bladder cancer.

Revenue for the three and six months ended June 30, 2016 was $2.1 million and $5.1 million, respectively, compared to $4.0 million and $5.4 million for the three and six months ended June 30, 2015, respectively. Revenue consists of recognition of deferred collaboration revenue representing our efforts in the development of custirsen. As of June 30, 2016, the full amount of the deferred collaboration revenue has been fully recognized.  

Total operating expenses for the three and six months ended June 30, 2016 were $8.5 million and $15.9 million, respectively, compared to $9.6 million and $16.0 million for the three and six months ended June 30, 2015, respectively. Net loss for the three and six months ended June 30, 2016 was $6.9 million and $10.6 million, respectively, compared to $6.0 million and $10.5 million for the three and six months ended June 30, 2015, respectively.

As of Aug. 4, 2016 OncoGenex had 30,009,730 shares outstanding.

Conference Call Details
OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Thursday, Aug. 4, 2016, to provide a business update and discuss the second quarter 2016 financial results. A live event will be available on the Investor Relations section of the OncoGenex website at www.OncoGenex.com. Alternatively, the live conference call may be accessed by dialing (877) 606-1416 (U.S. & Canada) or (707) 287-9313 (International). A webcast replay will be available approximately two hours after the call and will be archived on www.OncoGenex.com 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. 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 and at the company's Twitter account: https://twitter.com/OncoGenex_IR.

OncoGenex' Forward Looking Statements


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