OncoGenex Pharmaceuticals Files Shelf Registration Statement

    BOTHELL, WA and VANCOUVER, June 26 /CNW/ - OncoGenex Pharmaceuticals,
Inc. (NASDAQ:   OGXI) announced today that it has filed a shelf registration
statement on Form S-3 with the US Securities and Exchange Commission and an
MJDS prospectus under the multi-jurisdictional disclosure system in the
Province of British Columbia.
    "It is prudent for us to re-establish a three-year shelf registration
statement to provide us with the flexibility to support future opportunities,"
said Scott Cormack, President and CEO of OncoGenex. "Our focus remains on
securing a development and commercialization partner for our OGX-011 program.
Based on our discussions with potential partners to date, we believe that a
partner would fund most or all of the development costs for our OGX-011
program. Accordingly, we do not expect to offer at the present time securities
under this shelf registration to fund our Phase 3 clinical trials for
    OncoGenex elected to terminate its previous shelf registration statement
originally filed in July 2007.
    If declared effective by the SEC and the British Columbia Securities
Commission, the shelf registration statement and MJDS prospectus,
respectively, will permit OncoGenex Pharmaceuticals to sell, from time to time
over a three year period in one or more public offerings, shares of its common
stock, shares of its preferred stock, warrants to purchase its common stock or
preferred stock or debt securities, or any combination of such securities, for
proceeds in the aggregate amount of up to $100 million. The terms of any such
future offerings, if any, and the type of equity or debt securities would be
established at the time of the offering.
    A shelf registration statement relating to these securities has been
filed with the SEC and an MJDS prospectus has been filed with the British
Columbia Securities Commission but they have not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the shelf registration statement becomes effective and a final receipt has
been issued for the MJDS prospectus.
    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. Any offering will
be made only by means of a prospectus and a related prospectus supplement.
    A written preliminary prospectus included in the registration statement
or MJDS prospectus, when available, and meeting the requirements of Section 10
of the Securities Act of 1933, as amended, may be obtained at the SEC's
website http://www.sec.gov/ , through OncoGenex' website at
http://www.oncogenex.com , or via written request to OncoGenex
Pharmaceuticals, Inc. at OncoGenex Pharmaceuticals, Inc. at 1522 217th Place
SE, Suite 100, Bothell, Washington 98021 U.S.A., Attn: Steve Anderson, Chief
Financial Officer, or by telephoning (425) 686-1500. In addition, OncoGenex
intends to file a prospectus supplement with the SEC in connection with future
offerings, if any, under the shelf registration statement.

    About OncoGenex

    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.
    OGX-011, OGX-427 and OGX-225 utilize second-generation antisense
technology, licensed from Isis Pharmaceuticals (NASDAQ:   ISIS), to effectively
target and inhibit production of specific proteins in tumor cells. OncoGenex
and Isis partnered in the successful discovery of OGX-011, OGX-427 and OGX-225
and with respect to OGX-011, in its initial development. In 2008, OncoGenex
and Isis amended their OGX-011 agreement to provide OncoGenex with sole rights
to OGX-011 and sole responsibility for development and related costs and
partnering decisions, subject to financial obligations to Isis. OncoGenex is
also solely responsible for development and related costs and partnering
decisions regarding OGX-427 and OGX-225. Key intellectual property related to
OGX-011, OGX-427 and OGX-225 were discovered by the University of British
Columbia and the Vancouver Prostate Centre, and were exclusively licensed to
    More information about OncoGenex is available at www.oncogenex.com.

    This press release contains forward-looking statements and
'forward-looking information' within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws, including statements concerning the shelf
registration statement, the timing of any offerings under the shelf
registration statement, the use of proceeds of any potential offerings of
securities under the shelf registration statement, potential partnering of
OGX-011, anticipated clinical development activities and timing of these
activities. 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
    The potential risks and uncertainties associated with forward-looking
statements include, among others, the risks associated with obtaining
partnership and/or funding from third parties or completing a financing
necessary to support the costs and expenses of Phase 3 clinical trials, the
timing and costs of clinical trials and regulatory approvals will be different
than management currently anticipates, risks relating to the development,
safety and efficacy of therapeutic drugs and potential applications for these
products and 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, except as required by
applicable securities laws.

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,

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OncoGenex Pharmaceuticals, Inc.

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