H.I.G. Capital News

OncoGenex Announces Relocation of Corporate Headquarters, Expected to Yield Savings of at Least $4 Million Over Next Three Years

BOTHELL, WA., & VANCOUVER, BC - February 12, 2015 -- OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) today announced that it has executed new lease agreements enabling the relocation of its Bothell, Washington headquarters.

Effective March 1, 2015, OncoGenex' new corporate headquarters will be located at 19820 North Creek Parkway, approximately three miles from the Company's current location.

"Early termination of our prior lease provides us with the opportunity to relocate at a considerable cost savings," said Scott Cormack, President and CEO of OncoGenex. "Additionally, given the proximity to our current location, we expect the move will limit disruption to our business and allow us to stay focused on our priority of developing treatments for advanced cancer patients."

The final lease agreements were executed on Feb. 11, 2015, and are subject to certain closing conditions. Additional details can be found in the Company's Form 8-K filed today and available at http://ir.oncogenex.com/.

About OncoGenex
OncoGenex is a biopharmaceutical company committed to the development and commercialization of new therapies that address treatment resistance in cancer patients. OncoGenex has a diverse oncology pipeline, with each product candidate having a distinct mechanism of action and representing a unique opportunity for cancer drug development. Custirsen is currently in Phase 3 clinical development as a treatment in men with metastatic castrate-resistant prostate cancer and in patients with advanced, unresectable non-small cell lung cancer. Apatorsen is in Phase 2 clinical development and OGX-225 is currently in pre-clinical development. More information is available at http://www.OncoGenex.com and at the company's Twitter account https://twitter.com/OncoGenex_IR.

OncoGenex' Forward Looking Statements
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, but not limited to, statements concerning the expected termination of our lease agreement and our expected savings therefrom and statements concerning the expected disruption resulting from the relocation of our headquarters. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. 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. Such forward-looking statements are subject to risks and uncertainties, including, among others, the risk that the termination of the lease does not become effective, the risk that our relocation is more disruptive than expected and the other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.