OncoGenex Pharmaceuticals CEO Named Canada's Pacific Ernst & Young's
Entrepreneur Of The Year(R) in the Health Sciences Category

BOTHELL, WA, and VANCOUVER, Oct. 9 /CNW/ - OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI), announced today that Scott Cormack, president and chief executive officer of OncoGenex, has been named Canada's Pacific Ernst & Young's Entrepreneur Of The Year(R). The Ernst & Young Entrepreneur Of The Year(R) Award is a high profile business award recognizing entrepreneurs that are building successful, dynamic businesses.

"I share this award with our co-founder Dr. Martin Gleave and all of our employees at OncoGenex, whose contributions and exceptional dedication to our programs have led to a series of major clinical and business advancements over the past 12 months," said Scott Cormack, President and CEO of OncoGenex.

"Over the past year, we have presented impressive data from the clinical trials of our lead drug candidate, OGX-011, for the treatment of advanced prostate cancer; reached agreements with the FDA on the design of two Phase 3 trials for evaluating OGX-011 treatment in advanced prostate cancer via the FDA's special protocol assessment process; received Fast Track designations from FDA for OGX-011 in combination with both first-line and second-line chemotherapy in advanced prostate cancer, which are expected to streamline the regulatory review process; presented data from our Phase 1 clinical trial evaluating our second product candidate, OGX-427; and initiated another clinical trial with OGX-427 in bladder cancer," Cormack said.

"For the remaining 2009 year, we are committed to securing a partner to support the final stage of development of OGX-011 and announcing additional development initiatives for our other product candidates."

Ernst & Young's Entrepreneur Of The Year(R) Award encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. The Ernst & Young Entrepreneur Of The Year(R) award celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 135 cities in 50 countries. Award winners were selected by an independent judging panel made up of regional business, academic and community leaders.

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 that has completed five Phase 2 clinical trials 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.

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 Fast Track Designation for OGX-011 and anticipated clinical and other product development activities and timing of these activities. 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. For example, statements of streamlining review attributed to Fast Track Designation, the timing of clinical trials and development efforts and the results of clinical and pre-clinical studies are all forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, among others: the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for fiscal year 2008. 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.

For further information: For further information: OncoGenex Contact: Scott Cormack, President & CEO, (604) 736-3678, scormack@oncogenex.com; Media and Investor Contact: Jason Spark, Porter Novelli Life Sciences, (619) 849-6005, jspark@pnlifesciences.com


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