ONCOGENEX PHARMACEUTICALS INC. - COMMON SHARES (OGXI, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $165.1 million; its shares were traded at around $27.39 with and P/S ratio of 8.3.
G&A expenses for the nine months ended September 30, 2009 increased to $2.7 million from $2.2 million for the nine months ended September 30, 2008, due mainly to higher employee expenses and increased costs associated with operating as a public company.
Interest income for the nine months ended September 30, 2009 decreased to $41 thousand from $142 thousand for the nine months ended September 30, 2008. Of the $142 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 September 30, 2009, OncoGenex had cash, cash equivalents, and short-term investments of $12.5 million in the aggregate as compared to cash, cash equivalents and short-term investments of $12.4 million as at December 31, 2008. As at September 30, 2009, OncoGenex does not have any borrowing or credit facilities available to it.
For the nine months ended September 30, 2009 and 2008, net cash used in operations was $9.2 million and $7.4 million, respectively. This increase in cash used in operations in the nine months ended September 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, and the purchase of OGX-011 and OGX-427 drug compound.
For the nine months ended September 30, 2009 and 2008, net cash provided by financing activities was $9.4 million and $3 thousand, respectively. Net cash provided by financing activities in the nine months ended September 30, 2009 was attributable to the net proceeds we received from the issuance of common shares through a registered direct offering, and the proceeds from the issuance of common shares on stock option exercises. Net cash provided by financing activities in the nine months ended September 30, 2008 was attributable to the proceeds received from the issuance of common shares on stock option exercises, offset by cash paid on the elimination of fractional shares following the one-for-eighteen reverse stock split effected in connection with the Arrangement.
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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 $165.1 million; its shares were traded at around $27.39 with and P/S ratio of 8.3.
Highlight of Business Operations:
R&D expenses for the nine months ended September 30, 2009 increased to $6.8 million from $3.6 million for the nine months ended September 30, 2008, due mainly to OGX-011 and OGX-427 development costs, an increase in employee expenses and higher facility costs resulting from the reverse takeover of Sonus. Also included in the nine months ended September 30, 2008 was a SRED claim of $0.6 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. The SRED program is a Canadian federal tax incentive program that encourages Canadian businesses to conduct research and development in Canada.G&A expenses for the nine months ended September 30, 2009 increased to $2.7 million from $2.2 million for the nine months ended September 30, 2008, due mainly to higher employee expenses and increased costs associated with operating as a public company.
Interest income for the nine months ended September 30, 2009 decreased to $41 thousand from $142 thousand for the nine months ended September 30, 2008. Of the $142 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 September 30, 2009, OncoGenex had cash, cash equivalents, and short-term investments of $12.5 million in the aggregate as compared to cash, cash equivalents and short-term investments of $12.4 million as at December 31, 2008. As at September 30, 2009, OncoGenex does not have any borrowing or credit facilities available to it.
For the nine months ended September 30, 2009 and 2008, net cash used in operations was $9.2 million and $7.4 million, respectively. This increase in cash used in operations in the nine months ended September 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, and the purchase of OGX-011 and OGX-427 drug compound.
For the nine months ended September 30, 2009 and 2008, net cash provided by financing activities was $9.4 million and $3 thousand, respectively. Net cash provided by financing activities in the nine months ended September 30, 2009 was attributable to the net proceeds we received from the issuance of common shares through a registered direct offering, and the proceeds from the issuance of common shares on stock option exercises. Net cash provided by financing activities in the nine months ended September 30, 2008 was attributable to the proceeds received from the issuance of common shares on stock option exercises, offset by cash paid on the elimination of fractional shares following the one-for-eighteen reverse stock split effected in connection with the Arrangement.
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