OncoGenex Included in Fast Company Magazine’s Top Ten "Most Innovative Companies" in the Biotech Industry

BOTHELL, WA and VANCOUVER – February 17, 2011 – PRNewswire/ – OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) has been named as one of the top ten companies in the biotech industry in the March 2011 issue of Fast Company, as part of the magazine’s annual list of the “Most Innovative Companies.” OncoGenex is uniquely focused on developing novel and diverse molecular product candidates that target mechanisms of resistance to cancer treatments, and that have the potential to redefine treatment paradigms in a variety of cancers.

“We are honored to be ranked as a top biotech by a magazine that recognizes creative thinking and intelligent products,” says Scott Cormack, president and CEO of OncoGenex. “Despite advances in care, cancer cells eventually develop resistance, rendering treatments ineffective. Our mission is to focus on the mechanisms that cause this resistance in order to address the unmet needs of the patients we serve.”

OncoGenex’s lead compound, developed in collaboration with Teva Pharmaceutical Industries Ltd., is custirsen (OGX-011), currently in two Phase 3 trials for advanced prostate cancer, with a third Phase 3 trial in advanced, first-line non-small cell lung cancer starting this year.

Custirsen is the only compound in development designed to inhibit the production of the protein clusterin which, when over-produced, causes resistance to anti-cancer therapies. In Phase 2 studies of patients with advanced prostate cancer, custirsen demonstrated both an improvement in overall survival and pain palliation – a significant issue in this patient population. While new and emerging therapies are helping people with advanced prostate cancer live longer, optimal prostate cancer therapy should be to extend life while also improving quality of life.

Another unique investigational OncoGenex compound is OGX-427, which targets the protein Hsp27, also associated with cancer treatment resistance. OGX-427, which has the potential to work as both monotherapy and in combination with other agents, is now in a randomized Phase 2 clinical trial in advanced prostate cancer and a Phase 1 trial in superficial bladder cancer. A Phase 2 trial in metastatic bladder cancer is expected to begin later this year.

OncoGenex’s pipeline also includes two other compounds in pre-clinical development, both of which target additional mechanisms of treatment resistance.

For more information about OncoGenex and its pipeline, go to www.oncogenex.com.

About OncoGenex
OncoGenex is a biopharmaceutical company committed to the development and commercialization of new cancer therapies that address treatment resistance in cancer patients. 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. OncoGenex and Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) have entered a global collaboration and license agreement to develop and commercialize OncoGenex’ lead drug candidate, custirsen. Custirsen is currently in Phase 3 clinical development as a treatment in men with metastatic castrate-resistant prostate cancer. The companies plan to begin Phase 3 development of custirsen in first-line treatment of advanced, unresectable non-small cell lung cancer in 2011. OGX-427 is in Phase 2 clinical development; SN2310 has completed a Phase 1 clinical trial; and CSP-9222 and OGX-225 are currently in pre-clinical development.

OncoGenex’s 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 our anticipated product development activities and the timing of these activities and statements concerning the potential safety and efficacy of our product candidates. 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. Forward-looking statements are subject to risks and uncertainties, including, among others, the risk that we are unable to complete our product development activities within planned timelines, if at all, the risk that our product candidates do not prove safe or effective or do not otherwise obtain requisite regulatory approvals and the other risks described in our filings with the Securities and Exchange Commission from time to time, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2010. 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.

SOURCE OncoGenex Pharmaceuticals, Inc.