BOTHELL, WA and VANCOUVER, March 16, 2012 /PRNewswire/ - OncoGenex
Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced that it has priced
an underwritten public offering of 4,165,000 shares of its common stock
at a purchase price of $12.00 per share. Net proceeds, after estimated
underwriting discounts and commissions and estimated expenses, will be
approximately $46.8 million. OncoGenex granted the underwriters a
30-day option to purchase up to an additional 624,750 shares of common
stock to cover overallotments, if any. The offering is expected to
close on or about March 21, 2012, subject to customary closing
Leerink Swann LLC and Stifel Nicolaus Weisel are acting as joint
book-running managers and Lazard Capital Markets LLC and William Blair
& Company, L.L.C. are acting as co-managers.
The offering is being made to purchasers pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission, or SEC. A prospectus supplement and accompanying
prospectus describing the terms of the offering will be filed with the
SEC. When available, copies of the prospectus supplement and
accompanying prospectus may be obtained by contacting Leerink Swann
LLC, Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, Massachusetts 02110, (800) 808-7525, or Stifel, Nicolaus &
Company, Incorporated, Attention: General Counsel, One Montgomery
Street, Suite 3700, San Francisco, California 94104, (415) 364-2500.
Electronic copies of the prospectus supplement and accompanying
prospectus will also be available on the website of the SEC at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock of OncoGenex,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
OncoGenex is a biopharmaceutical company committed to the development
and commercialization of new cancer therapies that address treatment
resistance in cancer patients. OncoGenex has a diverse oncology
pipeline, with each product candidate having a distinct mechanism of
action and representing a unique opportunity for cancer drug
development. OncoGenex and Teva Pharmaceutical Industries
Ltd. (NASDAQ: TEVA) have entered a global collaboration and license
agreement to develop and commercialize OncoGenex' lead drug candidate,
custirsen. Custirsen is currently in Phase 3 clinical development as a
treatment in men with metastatic castrate-resistant prostate cancer.
The companies plan to begin Phase 3 development of custirsen in
first-line treatment of advanced, unresectable non-small cell lung
cancer. OGX-427 is in Phase 2 clinical development; CSP-9222 and
OGX-225 are currently in pre-clinical development.
OncoGenex' Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
OncoGenex' intention to conduct a public offering of common stock. All
statements other than statements of historical fact are statements that
could be deemed forward-looking statements. These statements are based
on management's current expectations and beliefs and are subject to a
number of risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements, including, among others, the ability to
manage successfully and complete the public offering, the general
economic and/or market conditions and the factors set forth in the
Company's filings with the SEC, including the Company's Annual Report
on Form 10-K for the year ended December 31, 2011 and the prospectus
supplement related to this public offering. The Company undertakes no
obligation to update the forward-looking statements contained herein or
to reflect events or circumstances occurring after the date hereof,
other than as may be required by applicable law.
SOURCE OncoGenex Pharmaceuticals, Inc.