BOTHELL, Wash. and VANCOUVER, British Columbia, Nov. 10, 2016 /PRNewswire/ -- OncoGenex
Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced its third
quarter 2016 financial results.
Recent Events
- In November 2016, the company
announced positive survival results from the final analysis of the
Phase 2 Borealis-2™ trial of apatorsen in combination with
docetaxel treatment that enrolled 200 patients with metastatic
bladder cancer whose disease had progressed following first-line
platinum-based chemotherapy. The company does not currently
intend to fund further development of apatorsen in bladder cancer
without a collaboration partner.
- Also in November 2016, OncoGenex
discontinued the development of its custirsen program after
the AFFINITY and ENSPIRIT Phase 3 clinical trials failed to
meet their primary endpoints.
Financial Results
As of September 30, 2016, the company's cash, cash
equivalents, and short-term investments were $32.5 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 for at least the next 12 months.
Revenue
for the three and nine months ended
September 30, 2016 decreased to zero
and $5.1 million, respectively, from
$6.7 million and $12.1 million
for the three and nine months ended
September 30, 2015, respectively. The
advanced reimbursement payment made by Teva, as part of the
Termination Agreement, was deferred and recognized as collaboration
revenue on a dollar for dollar basis as costs were incurred as part
of the continuing research and development activities related to
custirsen. The decrease in collaboration revenue in 2016 as
compared to 2015 was due to the full recognition of the remaining
amounts of deferred revenue in 2016.
Total operating expenses for the three and nine months ended
September 30, 2016 were $4.4 million and $20.2
million, respectively, compared to $11.4 million and $27.4
million for the three and nine months ended September 30, 2015, respectively.
Net loss for the three and nine months ended September 30, 2016 was $3.7 million and $14.3
million, respectively, compared to $4.6 million and $15.1
million for the three and nine months ended September 30, 2015, respectively.
As of November 10, 2016 OncoGenex
had 30,020,294 shares outstanding.
OncoGenex is continuing work with MTS Health Partners in the
exploration of strategic alternatives as announced in
mid-August.
About OncoGenex and Apatorsen
OncoGenex is a
biopharmaceutical company committed to the development and
commercialization of new therapies that address treatment
resistance in cancer patients. The company's lead compound,
apatorsen (OGX-427), is designed to inhibit production of Hsp27,
disable cancer cells' defenses and overcome treatment resistance.
Hsp27 is an intracellular protein that protects cancer cells by
helping them survive, leading to resistance and more aggressive
cancer phenotypes. Both the potential single-agent activity and
synergistic activity of apatorsen with cancer treatments may
increase the overall benefit of existing therapies and augment the
durability of treatment outcomes, which could lead to increased
patient survival. 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 regarding the potential benefits and
potential development of our product candidates, clinical
development plans and business strategies. 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 of failure or delays in our ongoing and future clinical
trials, the risk that any of our product candidates will receive
regulatory approval or will be successfully commercialized, the
risk that new developments in the rapidly evolving cancer therapy
landscape require changes in our business strategy or clinical
trial plans, or limit the potential benefits of our product
candidates, the risk that we are unable to raise on acceptable
terms the capital needed to complete our clinical trials, the risk
that our product candidates do not demonstrate the hypothesized or
expected benefits 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.
Borealis-2™ is a registered trademark of OncoGenex
Pharmaceuticals, Inc.
Consolidated
Statements of Loss
|
(In thousands,
except per share and share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration
revenue
|
$
-
|
|
$
6,737
|
|
$
5,062
|
|
$
12,136
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
3,782
|
|
8,303
|
|
13,086
|
|
18,520
|
General and
administrative
|
1,864
|
|
3,125
|
|
6,638
|
|
8,890
|
Restructuring
costs (recovery)
|
(31)
|
|
-
|
|
392
|
|
-
|
Recovery of
lease termination loss
|
(1,250)
|
|
-
|
|
(1,250)
|
|
-
|
Litigation
settlement loss
|
-
|
|
-
|
|
1,375
|
|
-
|
Total operating expenses
|
4,365
|
|
11,428
|
|
20,241
|
|
27,410
|
Loss from
operations
|
(4,365)
|
|
(4,691)
|
|
(15,179)
|
|
(15,274)
|
Other income
(expense)
|
675
|
|
141
|
|
893
|
|
197
|
Net loss
|
$
(3,690)
|
|
$
(4,550)
|
|
$
(14,286)
|
|
$
(15,077)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.12)
|
|
$
(0.16)
|
|
$
(0.48)
|
|
$
(0.60)
|
|
|
|
|
|
|
|
|
Weighted average
number of basic and diluted common shares
|
30,013,928
|
|
28,538,918
|
|
29,925,219
|
|
24,914,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
(unaudited)
|
|
|
Assets:
|
|
|
|
|
|
|
|
Cash, cash
equivalents, short term investments and restricted cash
|
|
|
|
|
$
32,727
|
|
$
55,458
|
Interest
receivable
|
|
|
|
|
36
|
|
111
|
Prepaid
expenses and other current assets
|
|
|
|
|
1,805
|
|
2,001
|
Property,
equipment and other assets
|
|
|
|
|
506
|
|
639
|
Total
assets
|
|
|
|
|
$
35,074
|
|
$
58,209
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity:
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
|
|
|
$
10,181
|
|
$
13,217
|
Current
portion of long-tem obligations
|
|
|
|
|
57
|
|
52
|
Warrant
liability
|
|
|
|
|
350
|
|
1,105
|
Lease
termination liability
|
|
|
|
|
-
|
|
1,250
|
Deferred
collaboration revenue
|
|
|
|
|
-
|
|
5,040
|
Long term
liabilities
|
|
|
|
|
67
|
|
105
|
Stockholders'
equity
|
|
|
|
|
24,419
|
|
37,440
|
Total liabilities and
stockholders' equity
|
|
|
|
|
$
35,074
|
|
$
58,209
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/oncogenex-pharmaceuticals-inc-reports-financial-results-for-third-quarter-2016-300360065.html
SOURCE OncoGenex Pharmaceuticals, Inc.