OncoGenex Announces Presentation of OGX-427 Data at the ASCO 2012 Genitourinary Cancers Symposium

The Company to Host Investigator Panel and Reception to Review Clinical Data and Development Program

BOTHELL, Wash. and VANCOUVER, British Columbia, Jan. 19, 2012 /CNW/ - OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) announced today that preliminary data from two studies evaluating their investigational compound OGX-427, in prostate and bladder cancer, will be presented at the American Society of Clinical Oncology (ASCO) 2012 Genitourinary Cancers Symposium, February 2-4, in San Francisco.

OGX-427 is a novel compound designed to reduce levels of Heat Shock Protein 27 (Hsp27) - a cell-survival protein expressed in many types of cancers including prostate, bladder, breast and non-small cell lung cancer. Overexpression of Hsp27 is believed to be an important factor leading to the development of treatment resistance and is associated with negative clinical outcomes in patients with various tumor types.

OGX-427 data to be presented

• A randomized Phase 2 study of OGX-427 plus prednisone versus prednisone alone in patients with chemotherapy-naive metastatic castration-resistant prostate cancer.
  • Presented by the study's principal investigator, Dr. Kim Chi, medical oncologist from British Columbia Cancer Agency.
  • Abstract # 121, General Poster Session B – Feb. 2
• A Phase 1 trial of intravesical antisense oligonucleotide targeting Heat Shock Protein 27 (OGX-427) for the treatment of non-muscle invasive bladder cancer.
  • Presented by the study's principal investigator, Dr. Alan So, urologic oncologist from the Vancouver Prostate Centre at the University of British Columbia.
  • Abstract #286, General Poster Session D - Feb. 3

OncoGenex will host an investigator panel to review the preliminary OGX-427 data and the on-going development program for the compound on Thursday, February 2, 2012 at 6:35 p.m. PT in San Francisco. The panel will include Prof. Joaquim Bellmunt, from the University Hospital del Mar, and Drs. Martin Gleave and Alan So, both from the University of British Columbia.

The event will also be made available via live webcast. To access the event, log on to the Investor Relations page of the OncoGenex website at www.oncogenex.com. A replay will be made available for approximately 90 days following the event.

About OncoGenex Pharmaceuticals
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 diverse 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. (NASDAQ: TEVA) have entered a global collaboration and license agreement to develop and commercialize OncoGenex' lead drug candidate, custirsen. 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. OGX-427 is in Phase 2 clinical development; CSP-9222 and OGX-225 are currently in pre-clinical development. More information 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, statements concerning our anticipated product development activities, such as expected clinical trial initiation. 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 that subsequent studies may not confirm earlier trial results, the risk of delays in our expected clinical trials, the risk that new developments in the rapidly evolving cancer therapy landscape require changes in our clinical trial plans or limit the potential benefits of our product 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 Quarterly Report on Form 10-Q for third quarter ended September 30, 2011. 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.

Media Contact: Jaime Welch, [phone], [email protected] or Investor Relations Contact: Susan Specht, [phone], [email protected]

http://www.oncogenex.com