ONCOGENEX PHARMACEUTICALS INC. - COMMON SHARES (OGXI, Financial) filed Quarterly Report for the period ended 2009-06-30.
ONCOGENEX PHARMACEUTICALS is a biopharmaceutical company committed to the development and commercialization of new cancer 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 currently completing five Phase 2 clinical studies in prostate lung and breast cancers is designed to inhibit the production of a specific protein associated with treatment resistance; OGX-427 and SN2310 are in Phase 1 clinical development; and CSP-9222 and OGX-225 are currently in pre-clinical development. ONCOGENEX PHARMACEUTICALS INC. - COMMON SHARES has a market cap of $161 million; its shares were traded at around $29.01 with and P/S ratio of 8.
R&D expenses for the six months ended June 30, 2009 increased to $5.3 million from $2.0 million for the six months ended June 30, 2008, due mainly to the purchase of OGX-011 drug compound from Isis, payments made to Bayer in relation to the CSP-9222 license, costs associated with the development of OGX-427, an increase in employee expenses and higher facility costs resulting from the reverse takeover of Sonus. Also included in the six months ended June 30, 2008 was a SRED claim of $0.5 million which offset R&D expenses in the period. Since OncoGenex Technologies became an affiliate of a public company as a result of the Arrangement, SRED claims can now only be applied against taxes payable.
G&A expenses for the six months ended June 30, 2009 increased to $1.8 million from $1.2 million for the six months ended June 30, 2008, due mainly to higher employee expenses and increased costs associated with operating as a public company.
Interest income for the six months ended June 30, 2009 decreased to $36 thousand from $91 thousand for the six months ended June 30, 2008. Of the $91 thousand in interest for the 2008 period, $60 thousand related to interest received from the Canada Revenue Agency in relation to the Companys 2006 Scientific Research and Development claim, while the 2009 amount includes only interest earned on cash and cash equivalents and marketable securities.
As at June 30, 2009, OncoGenex had cash, cash equivalents, and short-term investments of $5.7 million in the aggregate as compared to cash, cash equivalents and short-term investments $12.4 million as at December 31, 2008. In July 2009, we received approximately $9.4 million in net proceeds, after deducting offering expenses, for the sale of 475,000 shares of our common stock at a price of $20 per share through a registered direct offering under a shelf registration statement on Form S-3 (No. 333-160251) that was declared effective on July 17, 2009. As at June 30, 2009, OncoGenex does not have any borrowing or credit facilities available to it.
For the six months ended June 30, 2009 and 2008, net cash used in operations was $6.5 million and $2.0 million respectively. This increase in cash used in operations in the six months ended June 30, 2009 compared to the same period in 2008 was attributable primarily to increased R&D expenses associated with personnel and facilities assumed in the reverse takeover of Sonus, the purchase of OGX-011 drug compound from Isis, and payments made to Bayer in relation to the Caspase license.
Read the The complete ReportOGXI is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
ONCOGENEX PHARMACEUTICALS is a biopharmaceutical company committed to the development and commercialization of new cancer 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 currently completing five Phase 2 clinical studies in prostate lung and breast cancers is designed to inhibit the production of a specific protein associated with treatment resistance; OGX-427 and SN2310 are in Phase 1 clinical development; and CSP-9222 and OGX-225 are currently in pre-clinical development. ONCOGENEX PHARMACEUTICALS INC. - COMMON SHARES has a market cap of $161 million; its shares were traded at around $29.01 with and P/S ratio of 8.
Highlight of Business Operations:
R&D expenses for the three months ended June 30, 2009 increased to $3.6 million from $1.1 million for the three months ended June 30, 2008, due mainly to the purchase of OGX-011 drug compound from Isis, payments made to Bayer in relation to the Caspase license, costs associated with the development of OGX-427 and an increase in employee expenses and facility costs resulting from the reverse takeover of Sonus. Also included in the three months ended June 30, 2008 was a Scientific Research and Development (SRED) claim of $0.2 million which offset R&D expenses in the second quarter of 2008. The SRED program is a Canadian federal tax incentive program that encourages Canadian businesses to conduct research and development in Canada. Since OncoGenex Technologies became an affiliate of a public company as a result of the Arrangement, SRED claims can now only be applied against taxes payable.R&D expenses for the six months ended June 30, 2009 increased to $5.3 million from $2.0 million for the six months ended June 30, 2008, due mainly to the purchase of OGX-011 drug compound from Isis, payments made to Bayer in relation to the CSP-9222 license, costs associated with the development of OGX-427, an increase in employee expenses and higher facility costs resulting from the reverse takeover of Sonus. Also included in the six months ended June 30, 2008 was a SRED claim of $0.5 million which offset R&D expenses in the period. Since OncoGenex Technologies became an affiliate of a public company as a result of the Arrangement, SRED claims can now only be applied against taxes payable.
G&A expenses for the six months ended June 30, 2009 increased to $1.8 million from $1.2 million for the six months ended June 30, 2008, due mainly to higher employee expenses and increased costs associated with operating as a public company.
Interest income for the six months ended June 30, 2009 decreased to $36 thousand from $91 thousand for the six months ended June 30, 2008. Of the $91 thousand in interest for the 2008 period, $60 thousand related to interest received from the Canada Revenue Agency in relation to the Companys 2006 Scientific Research and Development claim, while the 2009 amount includes only interest earned on cash and cash equivalents and marketable securities.
As at June 30, 2009, OncoGenex had cash, cash equivalents, and short-term investments of $5.7 million in the aggregate as compared to cash, cash equivalents and short-term investments $12.4 million as at December 31, 2008. In July 2009, we received approximately $9.4 million in net proceeds, after deducting offering expenses, for the sale of 475,000 shares of our common stock at a price of $20 per share through a registered direct offering under a shelf registration statement on Form S-3 (No. 333-160251) that was declared effective on July 17, 2009. As at June 30, 2009, OncoGenex does not have any borrowing or credit facilities available to it.
For the six months ended June 30, 2009 and 2008, net cash used in operations was $6.5 million and $2.0 million respectively. This increase in cash used in operations in the six months ended June 30, 2009 compared to the same period in 2008 was attributable primarily to increased R&D expenses associated with personnel and facilities assumed in the reverse takeover of Sonus, the purchase of OGX-011 drug compound from Isis, and payments made to Bayer in relation to the Caspase license.
Read the The complete ReportOGXI is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
