Oncogenex Cash Ran Low in Q2

Eric Hal Schwartz8/6/09

Bothell, WA-based Oncogenex Pharmaceuticals (NASDAQ: OGXI) announced its second fiscal quarter results today.  The company reported that it had $5.7 million in cash as of the end of June, down from $12.4 million at the beginning of 2009.  As Xconomy reported yesterday, Oncogenex is developing a drug to help men with prostate cancer live longer. The company raised an extra $9.5 million from investors last month to extend its operating horizon until the end of 2010, and it anticipates getting more cash for clinical trials from a partner, says CEO Scott Cormack.

Eric Hal Schwartz was an intern in Xconomy's Seattle office.