BOTHELL, WA and VANCOUVER, Oct. 18 /CNW/ - OncoGenex Pharmaceuticals,
Inc. (NASDAQ: OGXI) today announced that it is commencing a public
offering of its common stock and warrants to purchase shares of its
common stock. OncoGenex intends to use the net proceeds from the
offering primarily to advance its product pipeline, including its lead
program, custirsen, and OGX-427, which is currently in clinical
development as a treatment for prostate cancer and bladder cancer, as
well as for general corporate purposes.
Stifel Nicolaus Weisel is acting as sole book-running manager and
Needham & Company, LLC, Rodman & Renshaw, LLC and Wedbush PacGrow Life
Sciences are acting as co-managers.
The offering is being made to purchasers outside of Canada pursuant to
an effective shelf registration statement that OncoGenex filed with the
Securities and Exchange Commission, or SEC, on June 26, 2009, as
amended on July 13, 2009. A prospectus supplement relating to the
offering will be filed with the SEC. When available, copies of the
prospectus supplement and accompanying prospectus relating to these
securities may be obtained by contacting Stifel, Nicolaus & Company,
Incorporated, One Montgomery Street, Suite 3700, San Francisco,
California 94104, Attention: General Counsel, (415) 364-2500.
Electronic copies of the prospectus supplement and accompanying
prospectus will also be available on the website of the SEC at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock and warrants of
OncoGenex, nor shall there be any sale of these securities in any state
or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
OncoGenex is a biopharmaceutical company committed to the development
and commercialization of new cancer therapies that address treatment
resistance in cancer patients. 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.
OncoGenex and Teva Pharmaceutical Industries Ltd. have entered a global
collaboration and license agreement to develop and commercialize
OncoGenex' lead drug candidate, custirsen, also referred to as
OGX-011. Custirsen is currently in Phase 3 clinical development as a
treatment in men with metastatic castrate-resistant prostate cancer.
The companies plan to begin Phase 3 development of custirsen in
first-line treatment of advanced, unresectable non-small cell lung
cancer in 2011. OGX-427 has entered Phase 2 clinical development;
SN2310 has completed a 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.
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,
OncoGenex' intention to conduct a public offering of common stock and
warrants. 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, including, among others,
the ability to manage successfully and complete the public offering,
the economic and/or market conditions generally, risks relating to
OncoGenex' operations and financial performance and the factors set
forth in the Company's filings with the Securities and Exchange
Commission, including the Company's Quarterly Report on Form 10-Q for
second fiscal quarter of 2010 and the preliminary prospectus supplement
to be filed with the SEC. 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.
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