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OncoGenex Announces Data Highlighting OGX-427 at 27th Annual European Association of Urology Congress

Data Further Support the Potential Role of OGX-427 in Advanced Prostate Cancer

BOTHELL, Wash. and VANCOUVER, Feb. 27, 2012 /PRNewswire/ --OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) announced today that preclinical data utilizing their pipeline compound OGX-427 was presented at the 27th Annual EAU Congress. The poster featuring these data was one of two selected from the Prostate Cancer Novel Therapy Session to be highlighted by organizers as among the meeting's best. This preclinical study, along with previously reported preclinical data, further demonstrated the potential of OGX-427 to augment anti-cancer therapies and delay tumor progression.

OGX-427 is designed to inhibit Heat Shock Protein 27 (Hsp27), which is expressed in many types of cancers including prostate, bladder, breast and non-small cell lung cancer. Overexpression of Hsp27 is thought to be an important factor leading to the development of treatment resistance and is associated with negative clinical outcomes in patients with various tumor types.

The goal of this preclinical study was to test whether the Hsp27 inhibitor, OGX-427, worked synergistically with Heat Shock Protein 90 (Hsp90) inhibitors to disrupt protein homeostasis and maximally stress cancer cells to improve treatment outcomes. The study showed that when Hsp27 was decreased via OGX-427 treatment, the effect of the Hsp90 inhibitors was enhanced and tumor cell death was observed. The authors concluded OGX-427 in combination with Hsp90 inhibitors potentiated the effects of Hsp90, delayed tumor growth and prolonged survival in murine prostate cancer models.

"As cancers become resistant to standard therapies we need to identify new ways to continue to stress and effectively treat them," says Dr. Martin Gleave, Director of The Vancouver Prostate Centre at The University of British Columbia and researcher on this study. "This study confirms the potential utility of inhibiting cell-survival proteins like Hsp27, and the potential for OGX-427 to be included in anti-cancer treatment combination strategies."

OGX-427 is currently being evaluated in a number of ongoing studies in prostate and bladder cancers:

An investigator-sponsored Phase 1 clinical trial evaluating OGX-427 administered directly into the bladder in patients with superficial bladder cancer.
An investigator-sponsored, randomized Phase 2 clinical trial evaluating OGX-427 administered as monotherapy in patients with metastatic castrate-resistant prostate cancer (CRPC).
A randomized Phase 2 clinical trial of OGX-427 in combination with gemcitabine/cisplatin in patients with metastatic bladder cancer.
A planned, investigator-sponsored, randomized Phase 2 clinical trial evaluating OGX-427 in combination with Zytiga® (abiraterone) in patients with CRPC.

Zytiga is a registered trademark of the Johnson & Johnson Corporation

About OncoGenex Pharmaceuticals

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, statements concerning our anticipated product development activities, such as expected clinical trial initiation and statements regarding the potential benefits and potential development of our product candidates. 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. Such forward-looking statements are subject to risks and uncertainties, including, among others, the risk that final trial results will not demonstrate the same or any potential benefit as observed in preliminary trial results, the risk that subsequent studies may not confirm earlier trial results, the risk of delays in our expected clinical trials, the risk that new developments in the rapidly evolving cancer therapy landscape require changes in our clinical trial plans or limit the potential benefits of our product and the other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including the Company's Quarterly Report on Form 10-Q for third quarter ended September 30, 2011. 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.

Posted: February 2012