OncoGenex Pharmaceuticals, Inc.
) reported a loss of 68 cents per share in the third quarter of
2013, narrower than the Zacks Consensus Estimate of a loss of 69
cents but wider than the year-ago loss of 40 cents per share.
Third quarter 2013 revenues were $9.9 million, compared with
$6.6 million in the year-ago quarter. Revenues were above the
Zacks Consensus Estimate of $7 million. OncoGenex' revenues
comprised solely of collaboration revenues.
The year-over-year increase in revenues was driven by
OncoGenex' agreement with
Teva Pharmaceutical Industries Ltd.
) for development activities associated with the AFFINITY study
being conducted on oncology candidate, custirsen.
In the reported quarter, OncoGenex' research and development
expenses increased 39.6% year over year to $18 million. General
and administrative expenses at OncoGenex also grew 25.9% year
over year to $2.5 million in the third quarter of 2013.
The increase in OncoGenex' operating expenses reflected
patient enrollment and treatment in the AFFINITY and Borealis-1
studies, higher costs relating to investigator-sponsored studies,
increased headcount to support clinical development activities
and toxicology expenses of apatorsen and OGX-225.
The much talked about SYNERGY trial is ongoing with a planned
interim analysis yet to take place. SYNERGY, a phase III study on
custirsen, is evaluating the survival benefit of the candidate,
in combination with first-line Taxotere, in men with metastatic
castrate-resistant prostate cancer (CRPC). Final results are
expected by mid 2014.
OncoGenex is also conducting the phase III AFFINITY study to
evaluate the overall survival benefit of custirsen plus Jevtana
as second-line chemotherapy in men with metastatic CRPC.
Custirsen is in another phase III study - ENSPIRIT - which is
being conducted in patients with advanced or metastatic non-small
cell lung cancer (NSCLC). The study will evaluate the potential
survival benefit of custirsen plus Taxotere as second-line
Apart from custirsen updates, OncoGenex provided information
on phase II studies being conducted with oncology
candidate, apatorsen (OGX-427). In Jul 2013, OncoGenex
finished enrolling patients for the Borealis-1 study, which is
being conducted to evaluate the survival benefit, safety and
tolerability of OGX-427 plus
Eli Lilly & Company
) Gemzar and cisplatin for the treatment of patients with
advanced bladder cancer. Data from the Borealis-1 study is
expected in the second half of 2014. Patient enrolment is in
progress for the Borealis-2 study, being conducted in patients
suffering from advanced or metastatic bladder cancer whose
disease has progressed following initial platinum-based
2013 Guidance Updated
The company now expects to end the year with cash, cash
equivalents and investments at the lower end of its previous
guidance of $25-$35 million. Additionally, net cash requirements
are now expected at the higher end of the previously provided
guidance of $40-$50 million.
OncoGenex carries a Zacks Rank #3 (Hold). Currently,
) looks well-positioned with a Zacks Rank #1 (Strong Buy).
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