OncoGenex Pharmaceuticals, Inc.
) reported a loss of 45 cents per share in the fourth quarter of
2013, narrower than the Zacks Consensus Estimate of a loss of 62
cents but wider than the year-ago loss of 39 cents per share.
Fourth quarter 2013 revenues were $8.6 million, down 12% from
the year-ago quarter. Revenues were below the Zacks Consensus
Estimate of $10 million. OncoGenex's revenues comprised solely of
Collaboration revenues were earned from
Teva Pharmaceutical Industries Ltd.
) relating to OncoGenex's agreement to develop and commercialize
the oncology candidate, custirsen.
In the reported quarter, OncoGenex's research and development
expenses decreased 15.7% year over year to $13.2 million. General
and administrative expenses rose 19.6% year over year to $2.4
million in the fourth quarter of 2013.
OncoGenex reported full year 2013 loss of $2.17 per share,
narrower than the Zacks Consensus Estimate of a loss of $2.32 but
wider than the 2012 loss of $1.68 per share.
Full year revenues were $29.9 million, up 48.7% year over
year. Revenues increased due to patient enrolment and treatment
in the AFFINITY study. Revenues were below the Zacks Consensus
Estimate of $31 million.
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). The pre-specified number of events required
for final analysis of this study was reached recently. 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.
Enrolment is expected to complete by the end of 2014.
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
chemotherapy. The study is currently enrolling patients.
Apart from custirsen updates, OncoGenex provided information
on phase II studies being conducted on 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.
OncoGenex carries a Zacks Rank #3 (Hold). Investors looking
for better-ranked stocks in the biopharma sector may consider a
) which carries a Zacks Rank #2 (Buy).
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