OncoGenex Pharmaceuticals, Inc. (OGXI) reported a loss of 45 cents per share in the fourth quarter of 2013, narrower than the Zacks Consensus Estimate of a loss of 62 cents but wider than the year-ago loss of 39 cents per share.
Fourth quarter 2013 revenues were $8.6 million, down 12% from the year-ago quarter. Revenues were below the Zacks Consensus Estimate of $10 million. OncoGenex’s revenues comprised solely of collaboration revenues.
Collaboration revenues were earned from Teva Pharmaceutical Industries Ltd. (TEVA) relating to OncoGenex’s agreement to develop and commercialize the oncology candidate, custirsen.
In the reported quarter, OncoGenex’s research and development expenses decreased 15.7% year over year to $13.2 million. General and administrative expenses rose 19.6% year over year to $2.4 million in the fourth quarter of 2013.
OncoGenex reported full year 2013 loss of $2.17 per share, narrower than the Zacks Consensus Estimate of a loss of $2.32 but wider than the 2012 loss of $1.68 per share.
Full year revenues were $29.9 million, up 48.7% year over year. Revenues increased due to patient enrolment and treatment in the AFFINITY study. Revenues were below the Zacks Consensus Estimate of $31 million.
SYNERGY, a phase III study on custirsen, is evaluating the survival benefit of the candidate, in combination with first-line Taxotere, in men with metastatic castrate-resistant prostate cancer (:CRPC). The pre-specified number of events required for final analysis of this study was reached recently. Final results are expected by mid 2014.
OncoGenex is also conducting the phase III AFFINITY study to evaluate the overall survival benefit of custirsen plus Jevtana as second-line chemotherapy in men with metastatic CRPC. Enrolment is expected to complete by the end of 2014.
Custirsen is in another phase III study – ENSPIRIT – which is being conducted in patients with advanced or metastatic non-small cell lung cancer (:NSCLC). The study will evaluate the potential survival benefit of custirsen plus Taxotere as second-line chemotherapy. The study is currently enrolling patients.
Apart from custirsen updates, OncoGenex provided information on phase II studies being conducted on oncology candidate, apatorsen (OGX-427). In Jul 2013, OncoGenex finished enrolling patients for the Borealis-1 study, which is being conducted to evaluate the survival benefit, safety and tolerability of OGX-427 plus Eli Lilly & Company’s (LLY) Gemzar and cisplatin for the treatment of patients with advanced bladder cancer.
OncoGenex carries a Zacks Rank #3 (Hold). Investors looking for better-ranked stocks in the biopharma sector may consider a company like Actelion Ltd. (ALIOF) which carries a Zacks Rank #2 (Buy).