OncoGenex Pharmaceuticals, Inc.
) reported first quarter 2013 net loss per share of 46 cents,
narrower than the Zacks Consensus Estimate of a loss of 68 cents
and the year-ago loss of 67 cents per share.
First quarter 2013 revenues were $5.1 million, compared with
$1.3 million in the year-ago quarter. Revenues barely beat the
Zacks Consensus Estimate of $5 million. Revenues comprised solely
of collaboration revenues.
The year-over-year increase in revenues was driven by the
company's agreement with
Teva Pharmaceutical Industries Ltd.
) for development activities associated with the AFFINITY study
being conducted with oncology candidate, custirsen.
In the reported quarter, OncoGenex's research and development
expenses increased 113.6% year over year to $10.9 million.
General and administrative expenses at OncoGenex grew 43.9% year
over year to $2.5 million in the first quarter 2013.
OncoGenex is currently conducting the phase III AFFINITY study
to evaluate the overall survival benefit of custirsen plus
Jevtana (cabazitaxel) as second-line chemotherapy in men with
metastatic castrate-resistant prostate cancer (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 Sanofi'sTaxotere as
For both these studies patient enrollment is ongoing.
SYNERGY, a phase III study on custirsen, is designed to
evaluate the survival benefit of the candidate, in combination
with first-line Taxotere chemotherapy, in men with metastatic
CRPC. Results are expected in the first half of 2014.
Rainier is the sixth phase II study being conducted with
OGX-427 after Borealis-1, Borealis-2, Pacific, Spruce and
OGX-427-PR01. Rainier will evaluate the survival benefit of
adding OGX-427 to Abraxane plus Gemzar in previously untreated
metastatic pancreatic cancer patients. Patient enrollment is
expected to begin in mid-2013.
The Borealis-1 study is designed to evaluate the survival
benefit, safety and tolerability of combining OGX-427 with
gemcitabine and cisplatin in the first-line treatment of patients
with advanced bladder cancer. OncoGenex expects to complete
patient enrolment in the second half of 2013.
The Borealis-2 study is being conducted in patients suffering
from advanced or metastatic bladder cancer whose disease has
progressed following initial platinum-based chemotherapy
The Pacific study is evaluating the benefit of OGX-427 plus
Zytiga in men with CRPC. It is currently enrolling patients.
The Spruce study is being conducted for the treatment of
previously untreated advanced non-squamous non-small cell lung
cancer (NSCLC) patients. Patient enrollment is expected to begin
in mid-2013. OGX-427-PR01 is evaluating the benefit of OGX-427
plus prednisone in CRPC patients.
OncoGenex maintained its earlier guidance of cash, cash
equivalents and investments in the rangeof $25-$35 million as on
Dec 31, 2013. Additionally, net cash requirements are expected in
the range of $40-$50 million for the year.
OncoGenex and Teva currently carry a Zacks Rank #3 (Hold).
Currently, companies like
Lannett Company, Inc.
Catalyst Pharmaceutical Partners Inc.
) look more attractive with a Zacks Rank #1 (Strong
CATALYST PHARMA (CPRX): Free Stock Analysis
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