If you Google "Oncogenex: A Cancer Biotech Worth Betting On" you'll find an April 11 SA interview with Scott Cormack. At the end there is the following exchange:
"Sam: You just increased your authorized share count from 25m to 50m. I think an offering is coming soon. Am I wrong?
"Scott: Our present cash carries our operations into 2015, which is approximately a year past when we would expect to release the top line results for the Synergy Phase III trial. So, an additional financing is not required to achieve our objectives. In our proxy, we are requesting an increase to our authorized shares because we have only 25 million shares authorized, which is substantially fewer than our peers. Further, approximately 17 million of those shares have been issued. This is important because, for example, in the event that Synergy is successful, it may be desirable to do a stock split to align our authorized shares more closely with our peers. If we wanted to do a financing, we have enough unissued shares now that we could do a sizable financing so that is not the reason."
In other words, he is claiming that they're increasing the authorized shares to allow a potential split if SYNERGY is SUCCESSFUL (for which the odds just increased somewhat due to passing the futility analyses). In that event, the milestones and royalties they'd get from Teva would make it unnecessary to raise cash for quite awhile -- maybe ever, if they partner 427. If SYNERGY fails, they will need to do a financing, but since they have enough cash to last into 2015 I would think they'd wait at least until they get interim results from the Pacific trial of 427 +/- Zytiga, which they hope to report at ASCO GU in February 2014.
But it may very well be that the proxy proposal to increase the authorized shares has contributed to the recent selloff.
The pancreatic trial is "investigator sponsored", the recently announced lung cancer trial is investigator sponsored, the Borealis 2 bladder cancer trial that is now recruiting is investigator sponsored. More could very well be too, I just went back and looked at the last few trial press releases. As far as I know this means OGXI won't be paying for them. There may be some costs associated with such trials, but probably nothing significant. When someone wants to run a trial for the company and pay for it shouldn't this be good news? Someone correct me if I'm wrong.