July 24, 2009 (FinancialWire) — OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) (Current Market Cap: $155.32 Mil.) said it has completed its registered direct offering of 475,000 shares of its common stock at $20 per share, for gross proceeds to the company of around $9.5 million.

The $20 offering price represented a 3.5% discount to the stock’s closing price on July 17, the last trading day prior to the launch of the offer. The company said it expects to see net proceeds of around $9.4 million.

OncoGenex Pharmaceuticals plans to use the net proceeds from the offering primarily for manufacturing readiness activities and general corporate purposes.

Bothell, Washington-based OncoGenex is a biopharmaceutical company focused on the development and commercialization of new therapies that address unmet needs in the treatment of cancer. OGX-011, the company’s lead candidate, has completed five Phase 2 clinical trials in prostate, lung and breast cancers, and is designed to inhibit the production of a specific protein associated with treatment resistance.

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