OncoGenex Pharmaceuticals announces out-license of TOCOSOL Paclitaxel to Eagle Pharmaceuticals

OncoGenex Pharmaceuticals announces out-license of TOCOSOL Paclitaxel to Eagle
Pharmaceuticals

BOTHELL, WA and VANCOUVER, Sept. 2 /PRNewswire-FirstCall/ - OncoGenex
Pharmaceuticals, Inc. (NASDAQ: OGXI) ("OncoGenex" or the "Company") has
announced today that it has granted to Eagle Pharmaceuticals, Inc. the
exclusive worldwide rights to develop and commercialize TOCOSOL(R) Paclitaxel.
Under the terms of the agreement, OncoGenex is entitled to receive royalty
payments from future TOCOSOL Paclitaxel sales and a percentage of
sub-licensing royalty and milestone payments received by Eagle
Pharmaceuticals. All development expenses are the sole responsibility of Eagle
Pharmaceuticals. No upfront payments or milestone payments were included in
this transaction and no further terms have been disclosed.
TOCOSOL Paclitaxel was previously developed by Sonus Pharmaceuticals prior to
the combination of Sonus and OncoGenex Technologies to form the Company on
August 21, 2008. In previous disclosures, the Company stated that it had
terminated further development of TOCOSOL Paclitaxel and would evaluate
alternative strategies for the program, including out-licensing.
"We intend to focus all of our efforts on the deep pipeline we currently have
in development, including OGX-011 which is completing five Phase 2 clinical
studies in prostate, breast and lung cancers," said Scott Cormack, President
and CEO of OncoGenex Pharmaceuticals. "TOCOSOL Paclitaxel was not part of that
strategy, and we are pleased to be able to out-license the program to an
organization with interest in continuing development of this product
candidate."

About OncoGenex Pharmaceuticals

OncoGenex Pharmaceuticals is a biopharmaceutical company committed to the
development and commercialization of new cancer therapies that address unmet
needs in the treatment of cancer. OncoGenex has a deep oncology pipeline, with
each product candidate having a distinct mechanism of action and representing
a unique opportunity for cancer drug development. OGX-011, the lead candidate
currently completing five Phase 2 clinical studies in prostate, lung and
breast cancers, is designed to inhibit the production of a specific protein
associated with treatment resistance; OGX-427 and SN2310 are in Phase 1
clinical development; and CSP-9222 and OGX-225 are currently in pre-clinical
development. More information is available at www.oncogenex.com.

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 statements concerning future development, product
registration and sales of TOCOSOL Paclitaxel, and anticipated clinical and
other product development activities and timing of these activities. 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. All statements other than statements of historical
fact are statements that could be deemed forward-looking statements. For
example, statements of Eagle's intent and ability to develop and achieve
marketing approval, potential for OncoGenex to receive any future revenues or
sub-licensing revenues from the out-licensing of TOCOSOL Paclitaxel, the depth
of OncoGenex' product pipeline, the timing of clinical trials and development
efforts and the results of clinical and pre-clinical studies are all
forward-looking statements. The potential risks and uncertainties include,
among others, the possibility that Eagle may not have the financial or other
resources required to develop TOCOSOL Paclitaxel, the timing and costs of
clinical trials and regulatory approvals, risks that clinical trials will not
be successful or confirm earlier clinical trial results, risks associated with
obtaining funding from third parties or completing a financing necessary to
support the costs and expenses of clinical studies as well as research and
development activities, as well as other risks relating to the development,
safety and efficacy of therapeutic drugs and potential applications for these
products. A more complete discussion of risks and uncertainties that may
affect forward-looking statements is included in the Company's filings with
the Securities and Exchange Commission, including its Annual Report on Form
10-K for fiscal year 2007, and its Quarterly Report on Form 10-Q for the first
quarter of 2008. No assurances can be given that any of the events anticipated
by the forward-looking statements will transpire or occur, or if any of them
do so, what impact they will have on the results of operations or financial
condition of the Company. The Company undertakes no obligation to update the
forward-looking statements contained herein or to reflect events or
circumstances occurring after the date hereof.

SOURCE OncoGenex Pharmaceuticals, Inc.

OncoGenex Contact: Steve Anderson, Chief Financial Officer, (604) 630-5407,
sanderson@oncogenex.com; Media and Investor Contact: Jason Spark, Porter
Novelli Life Sciences, (619) 849-6005, jspark@pnlifesciences.com