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OncoGenex Pharmaceuticals, Inc. Message Board

  • sharesaplenty sharesaplenty Nov 25, 2009 10:55 AM Flag

    Director Resigns

    Patrick Brady is Vice President, Investments at GrowthWorks Capital Ltd., a venture capital fund.

    They have a $6.5mill holding in OGXI:

    http://www.growthworks.ca/funds/british-columbia/working-opportunity-fund/portfolio.asp

    Being a VC firm, its not clear if that was there initial investment or it current total value.

    In any case, they are not a large holder, thus I wouldn't necessarily interpret their relinquishing the director's seat as a harbinger of anything significant.

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    • They definately did not acquire through Sonus they were early investors in Co at private stage their cost on position is very low.

    • I agree. Something is up with this resignation and I think it's a positive one. The director must have thought it was in the best interest of the company for him to resign due to some conflict of interest or something. They didn't even announce why he resigns which is even more positive imo. All speculation, but hopefully we'll know one way or another soon.

    • I think they had been a Sonus backer, so they may have been in for a long time and possibly at a higher price than the OGXI era of one year. He probably could not have voted for a sale as a board member due to the stock position and conflict of interest. I would say that it is a good sign that he left but did not sell out the position. If OGXI had plans for a long term partnership he would almost have had to keep his seat to protect a 400,000 share investment. If the fund does not sell this position this month this is a very good indicator. Good luck, longs.

    • I agree with your comments "everyoneloves..." (nice hat too).

      The resignation of the Director has no bearing on this company going forward. Growthworks backed OGXI early on and deserves to reap whatever profit they have earned from this commitment.

      Good to see BC funds support BC brains and business. Vancouver and UBC are impressive for biotech industry in Canada. I only wish I could return to live there!

      In my view, OGXI management is properly focused on goal to bring their drugs to market and help patients and their families with an awful disease. I hope that remains the paramount goal and that this management team (populated by world leaders in cancer drug development and testing) continues to lead OGXI.

      If that happens, us shareholders will succeed too.

      Whether partnering arrangement announced next week or early next year, looking back at events of last six months, this has been an amazing year for OGXI!

      I still remember my broker calling me while I was fishing on a river in the summer of 2008 telling me it was wise to buy more of OGXI at $2.00. I could kiss him now (I hope he isn't reading this.)

      Good luck.

    • growthworks held 408,000 shares as of Sept 30th filing had sold 100k in the previous 3 months.

    • Know these guys well. My guess and it is just a guess is that they would have been pushing for sale rather than partnership, They were early investors rest of board is dominated by guys who are science rather than money guys my guess the science guys would rather see partnership.

 
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