OncoGenex To Regain Rights To Custirsen From Teva - Quick Facts

(RTTNews) - OncoGenex Pharmaceuticals, Inc. (OGXI) has executed an initial agreement with Teva Pharmaceutical Industries Ltd. (TEVA) to regain rights to custirsen, an investigational compound currently being evaluated in Phase 3 clinical development as a treatment for prostate and lung cancers. This rights' transfer would occur in relation with the termination of the collaboration deal between OncoGenex and Teva executed in 2009.

The initial agreement signed by OncoGenex and Teva provides that, following execution of the final agreement to terminate the collaboration between the parties, OncoGenex would receive a $27 million payment from Teva. Further, OncoGenex would be responsibile for all custirsen related expenses, including those related to the ENSPIRIT trial, as well as manufacturing and regulatory activities for custirsen programs, which are now being managed by Teva.

OncoGenex anticipates that the $27 million payment from Teva would allow for the completion and final results from the AFFINITY trial, and continuation of the ENSPIRIT study through the second interim futility analysis expected in the first half of 2015.

The firm expects the $27 million payment from Teva and its current resources should enable the completion of the AFFINITY trial through data readout in late 2015/early 2016, allow for the continuation of the ENSPIRIT trial via. the second interim futility analysis that is expected in the first half of 2015 and the achievement of key apatorsen clinical milestones, such as the completion of patient enrollment in the Borealis-2 trial and final data from the Spruce and Rainier trials.