<SEC-DOCUMENT>0000950123-11-047404.txt : 20110509
<SEC-HEADER>0000950123-11-047404.hdr.sgml : 20110509
<ACCEPTANCE-DATETIME>20110509161938
ACCESSION NUMBER:		0000950123-11-047404
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110509
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110509
DATE AS OF CHANGE:		20110509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONCOGENEX PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0000949858
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				954343413
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-80623
		FILM NUMBER:		11823714

	BUSINESS ADDRESS:	
		STREET 1:		1522 217TH PLACE S.E.
		CITY:			BOTHELL
		STATE:			WA
		ZIP:			98021
		BUSINESS PHONE:		4254879500

	MAIL ADDRESS:	
		STREET 1:		1522 217TH PLACE S.E.
		CITY:			BOTHELL
		STATE:			WA
		ZIP:			98021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SONUS PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19950825
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c16746e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): May 9, 2011</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ONCOGENEX PHARMACEUTICALS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD nowrap align="center" valign="top"><B>Delaware
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>033-80623
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>95-4343413</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="48%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD align="center" valign="top"><B>1522 217th Place S.E.<BR>
Bothell, Washington
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>98021</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(425) 487-9500 </B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>N/A</B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2.02 Results of Operations and Financial Condition.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On May&nbsp;9, 2011, OncoGenex Pharmaceuticals, Inc. (the &#147;Company&#148;) issued a press release
announcing its financial results for the first quarter of 2011. A copy of the press release is
furnished as Exhibit&nbsp;99.1 to this Current Report on Form 8-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(d)&nbsp;Exhibits
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release of OncoGenex Pharmaceuticals, Inc. dated May&nbsp;9, 2011</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The information in Item&nbsp;2.02 of this Form 8-K and Exhibit&nbsp;99.1 attached hereto is furnished and
shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ONCOGENEX PHARMACEUTICALS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: May 9, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Cameron Lawrence
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Cameron Lawrence&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Principal Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release of OncoGenex Pharmaceuticals, Inc. dated May&nbsp;9, 2011</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c16746exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c16746c1674601.gif" alt="(ONCOGENEX LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OncoGenex Pharmaceuticals, Inc. Reports Financial Results for First Quarter 2011 and Provides<BR>
Update on Plans for the Phase 3 Prostate Cancer SATURN Clinical Trial</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>BOTHELL, WA., and VANCOUVER, British Columbia, May. 9, 2011</B>&#151; OncoGenex Pharmaceuticals, Inc.
(NASDAQ: OGXI) today announced its first quarter financial results and provided an update on
current events and activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Key OncoGenex Activities</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Currently enrolling the Phase 3 clinical trial referred to as SYNERGY, to be
conducted in approximately 123 cancer centers to evaluate a survival benefit for custirsen
in combination with first-line docetaxel treatment in approximately 800 patients with CRPC.</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Enrollment continues for the Phase 3 Prostate Cancer SATURN trial to evaluate a durable
pain palliation benefit for custirsen in combination with docetaxel retreatment as
second-line chemotherapy. The study will enroll approximately 300 patients with
castration-resistant prostate cancer (CRPC).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>OncoGenex has submitted to the FDA a revision to the approved Special
Protocol Assessment (SPA), to expand the inclusion criteria for the SATURN trial.
The proposed revision would permit participants to receive either docetaxel
re-treatment or cabazitaxel as chemotherapy in the clinical study. The study design
would remain the same in that all patients would be randomized to receive custirsen
or placebo in conjunction with chemotherapy. In addition, the pain palliation
endpoints remain unchanged.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recent and upcoming data presentations at scientific meetings such as the American
Association of Cancer Research, the Society of Urologic Oncology and the American
Urological Association, provide new pre-clinical evidence and enhance the understanding of
OncoGenex&#146; product candidates, custirsen and OGX-427.</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Two additional trials scheduled to commence this year; a Phase 3 clinical trial to
evaluate a survival benefit for custirsen in combination with first-line chemotherapy in
patients with non-small cell lung cancer (NSCLC)&nbsp;and a Phase 2 clinical trial of OGX-427 in
approximately 180 patients with metastatic bladder cancer.</TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;We recognize the prostate cancer landscape is evolving rapidly and the approval of new treatments
is encouraging news for patients,&#148; said Scott Cormack, president and CEO of OncoGenex. &#147;The
proposed revision to the SATURN trial will help ensure custirsen remains aligned with currently
approved chemotherapy.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Revenue for the first quarter of 2011 decreased to $1.2&nbsp;million, compared with $4.7&nbsp;million for the
first quarter of 2010. This decrease was due to lower reimbursement revenue earned through our
strategic collaboration with Teva resulting from manufacturing costs now being paid directly by
Teva, as well as lower costs associated with clinical trials.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At March&nbsp;31, 2011, $21.0&nbsp;million of the $30.0&nbsp;million upfront payment received from Teva in
December&nbsp;2009 was included in our Balance Sheet as Deferred Collaboration Revenue, which we are
amortizing over the expected performance period of our deliverables under the agreement. We
currently expect this performance period to end in the fourth quarter of 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Total operating expenses for the first quarter of 2011 decreased to $6.4&nbsp;million, compared with
$7.7&nbsp;million for the first quarter of 2010. The decrease in operating expenses was primarily due to
lower custirsen manufacturing costs, as these costs are now being paid directly by Teva, and lower
clinical trial costs associated with the custirsen phase 3 clinical trials, offset by higher
manufacturing and clinical trial costs for OGX-427 in 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Loss from operations for the first quarter of 2011 increased to $5.2&nbsp;million, compared to $3.0
million for the first quarter of 2010. The increased loss from operations was primarily due to
lower revenue earned through our strategic collaboration with Teva and higher manufacturing and
clinical trial costs for OGX-427.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net loss for the first quarter of 2011 was $3.0&nbsp;million, or $0.31 per diluted common share,
compared to $3.0&nbsp;million, or $0.48 per diluted common share, for the first quarter of 2010. The
lower net loss as compared to loss from operations was due to a $2.1&nbsp;million non-cash gain on the
revaluation of our warrant liability as at March&nbsp;31, 2011 which was included in other income. These
warrants were issued as part of the public offering completed in October of 2010, and there was no
comparable gain or loss in the first quarter of 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We had $81.1&nbsp;million in cash, cash equivalents and short-term investments as of March&nbsp;31, 2011,
compared to $85.1&nbsp;million as of December&nbsp;31, 2010. As at May&nbsp;9, 2011, we had 9,718,251 shares
outstanding.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Conference Call Details</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">OncoGenex will host a conference call at 4:30 p.m. Eastern Time today, Monday, May&nbsp;9, 2011, to
provide a business update and discuss the first quarter financial results. A live event will be
available through the Events and Presentations Web page found in the Investor Relations section of
the OncoGenex Web site at <u>www.oncogenex.com</u>. Alternatively, you may access the live conference call
by dialing (877)&nbsp;606-1416 (U.S.&#038;Canada) or (707)&nbsp;287-9313 (International). A webcast replay will be
available approximately two hours after the call and will be archived on www.oncogenex.com for 90
days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>About OncoGenex Pharmaceuticals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">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 diverse
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&#146; 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;and
CSP-9222 and OGX-225 are currently in pre-clinical development.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">More information about OncoGenex is available at <u>www.oncogenex.com</u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>OncoGenex&#146; Forward Looking Statements:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This press release contains forward-looking statements within the meaning of the &#147;safe harbor&#148;
provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to,
statements concerning our anticipated product development activities, including proposed amendments
to our ongoing clinical trial design, the timing and costs of these activities, the potential
benefits of our product candidates, our key 2011 objectives, and our anticipated future expenses,
capital and sufficiency of capital. All statements other than statements of historical fact are
statements that could be deemed forward-looking statements. These statements are based on
management&#146;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, uncertainties regarding our future operating results, the risk that the
FDA does not approve our proposed amendment to the Saturn trial design, the risk that our product
candidates will not obtain the requisite regulatory approvals to commercialize, the risk that new
developments in the rapidly evolving prostate cancer therapy landscape require additional changes
in our clinical trial design or limit the potential benefits of our product candidates, the risk
that future sales of our product candidates may be less 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&#146;s Annual Report on Form 10-K for fiscal year 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.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt">OncoGenex Contact:<BR>
Jaime Welch<BR>
(604)&nbsp;630-5403<BR>
jwelch@oncogenex.com

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Condensed Consolidated Statements of Operations<BR>
(in thousands)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(unaudited)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Collaboration revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss for the period before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income tax expense (recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic and diluted loss per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,713,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,333,272</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Condensed Consolidated Balance Sheets<BR>
(in thousands)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash, cash equivalents and short term
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">81,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">85,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,987</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, equipment and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities and stockholders&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">893</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current deferred collaboration revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrant liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,314</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,317</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stockholders&#146; equity (deficiency)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities and stockholders&#146; equity (deficiency)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c16746c1674601.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c16746c1674601.gif
M1TE&.#EA\@!=`/?_`.+CX^OL[*)(1[BZNX6(B928F/'DY&-H:7L)!XDF)NK3
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M^+IP;X$;'(LU->K8UI,\/+)86$]45;W`P/'HYH\B(-^]O?S\^<F,C>?+R^O:
MV=">G_O[^T5+2[&SLY0>&\J8ENS6ULRAH9ZBHYY"0&YR<[=R=/CT\OC[^HP4
M$<:3D>?0S]JXMF!D9;1O;MW?W_W^^ZY?7L6/CNW=VC`S-,.(AN[N[K1G:-2I
MI\_1T:9;6N_?WK5I9CU$19<M+O3MZ\F.D,&`?Z=?8M:PKL2&B//M[:Q85I\Z
M-MVWM_C[]]"AGYTX-VX'"&AM;HL8%O/FYO+KZL^5EN;/SUI=7\67E=*FIZ)!
M0N+(Q^CIZ8@@'Y,X.:ZOL/[]_;IY>/;T\]?8V?;O[X`B(N/'R?G[^N'!P)F=
MG?3KZ[M]?L?(R8(7%X88%H@/"8J-CJRPK\3(QZA13Y,O+L7'QZ6HJ/KV]I<X
M-TU04J.GIXX.!.[;VW=]???[^O?S\^O>WN[@X,S0S\W.SX@L+KAV=GP.#8`/
M#?S\_/W]_/S]_?S]_/S\^_S]^_S\^OS]^OW]^_W\_/W\_?S\_?W]^OW\^_S[
M^_[]_OW\^N_P\//T\UA?7Z585Z--3:=55JY76#H_0+!54XN0D+=C8=>CILN*
MB,:$A'V`@8\N+G80$=JPL-BXN/GS\Z]P;OGY^>#AX9\X/>;FYZBGIYZ?H/CP
M[TI/3_W]_?[^_O_______R'Y!`$``/\`+`````#R`%T```C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQ(D-_&#-JW,BQH\>/($.*'$FRI,F3*%.J7`GR'\N7
M,&/*G$FSILV.+F_JW,FSI\^?&',"'4JTJ-&A0H\J7<JTZ<BD3J-*G8J4JM6K
M6&="S<JUJU>.6[^*'4LU+-FS:(V:3<NVK<ZU;N/*90EWKMV[(NOBW<LW:-^_
M@#7J]=?/%+]LV:!5B`:!&@5^_/KU>_&"PC0(%<PXXQ:MFAE^3/4X"Y)-6@4(
MTOA5R/:LFC5ITJB9J<#OL3,'9I[I&=H/VC,*TIQ!ZR=20W!N_"`X`^UU<+]K
MT*!A8WP9PF$S^FS\*)2)VK3.$!Q0_ZM6`1I3:_R@.:,6W-DS:LZR?8\.[;*9
M:-=N"Y_&^[1U9\X0%U(_L9DAS3/1F-?<2/U4X,R!EDU##3^]K-$("^.XX48-
MGW"2Q#0.A/>,,Q4P18%ZTD"`&8#?/5"(!1-,`(8"^CQ306NI81,94`1600TT
M%+@G4C_A51/'&EZ8\95ST$#PFC/*]=-$"`*L\LX56@@@P`("J%-,$.H]B`U3
M+YC6F'J_/6`!")`DL,HJ"8"B@@W]F.$C/Z8)Z!.1*CI3F8(@F4)/*_V<,`X(
MO2PYT@O0:/",&:WP@X(KXB"``"V03%`"80:4H409-/#SC#35;&/B--78"&`O
M0J0PBB4NZ/_BQ!='('#$.$68P8V*#@3((XG0Z.!%'(!^U%L))QC!C!4[*"K2
M"Q7H04$%%7"312Y'-#`#)&3T0T%O+YBBP"8*$"@A?TM)&.*(&PCQ!`+OZ!*(
M.E%@4$D##33#`CTJ9M/#,[P!V`\9GI#1PY"]2(((`K4PZ^R`ZYFF01U[--#!
M#&Z$@EPT(W+C<1/'0.-`#]$QU:2#%>P00@[,S`+#!,4`F`08NN#[!0T53),-
MQ[Q%$TT_<&`!1A(B]7)"#A;/X?""0U(K'`TUS-!!!T[8@<*W25C`CA(L2-++
M-E!R@PT%3$7#3Q!C@Y``,PTL8@-R%*3:@R)?:,M*-GH\HZ.>/5'_`,%PB"30
MB#P;:6#-,Y!!=@(B1P33P12+$,[T@,]@]H`:"$Q]A`>]50`&.<JLX@("LXPS
M]&W<`+Q4-/`Y8\$H"#0#PP/\7*;;-!K88(6MF_3P&`1F\,V3!LOY@\@L932[
M$04C5M#+!+0T$(SC/)R@P\,@/>=`!0:,@T`P#:2AR0O.V"".._-X`L,%[R`P
M#@,H0%!%-B;VP`\->"#0@#L3=`Y!-!1XC"KHH+]-T$,RU*B`\';2&^*``@$A
M4`5''E.!K.7B>]-KP#A"H;JN#.8%T9B&#@3QA0Q:(0G9:`([,""$#5`@$Y(0
M0*UJ(`QH1(HI_*@&-QHQBL>=8@/\>)"*_WY&@1V`H`&;DT9OJC$<'O%#`_T(
M!`+^``N.5`-$%EB`U*;7`6:PP`MDFQQ(*-"9#<"@%N##A!VXX0!."$(5SWD&
M-%`@@KJY(`0/@(8IEM*@%QP##]G*12C,0$@S)#`:&B@BYN9PC`!:(XR_FH8>
M0N""4V2"([\YACB.T($,-F`!8^#&;L3X$48E00@\F%H#<G&,G"6A!].H`FKN
MTP0I-B`2/O"'!L[C`#5<H`-&$`,LPN,`8CB@-E`L!!P0``IZO``"83C;`G<2
M(0M<@1R<V$@_--`$2%C,<4>X@!4,$`UI[)*4'ND'/_0!`JEUH!;+B$-Y3G2-
M%)TF-670WQ>$,/\9IFA`%7B06@(FD`3ED,@!B?R6'7S!#$74Q@'1@!(D>]*/
MW_2#$PGPA0<XHHHC=K(#1^"!&#31&R&ALR-!,@`+I->!.2@B==6HAC0><Q@G
M]0,,1M#6(D`H(,F@9)M03(D&%'`OJOF`,=(@Y#2L`8T7Q"$%"!``&8R#&01)
MQJ<UZ:ED5!,-'_AB%B'8)F0T\``07("E[IN`/*`8!`J<TX,,ZD<HQL'2+WA@
M&R'LAS6@*)ES^L`>^!)`-X8#FJN21#*5B88"4_("*6!B:I$H1')"I!EI0.,!
MFW!!`NR@`PB<:QN1N:HZ1\*<(6%DJ]."0!/VP(P6$$@S2?"`+AH76`;_7(\P
M6#VI1RCQ!57F8`WUD99;.5(,0^CO`IK`B#/\`9EI<D2=ZDQ0!8*0$C,L@K:@
M,$`0%Q/$![!B!2[00B-4,PV_&0@;HR5,:3<"F8RL=T`"PA.`Z$&'=\"`&[#A
MAQ!((;T&8&(1,7"N;K79#T748FJU$(`77E`-;3#OO?Z0QB)LQ@#U0E?`&E$G
M/ZX1W1>D9`GGZ&\YFG`8R/1`%?$0QYM$@(KF]B.BJ1JMACW2W)_V=!KXK<`)
M7+"`1_@L"3=HQM2:@00#6,/#:?E@/]CQS5HP@7;/L(9A.4('B]%"';@-$(8S
M_`(-.^-G*2D!(J2'`"6HPG"J.(8=8(`%%PA`_Q#(,8,7BE`,!Y&HRQK.;4:(
M<V&3B%8#TUA.$,"@C%DP0`-)B$</.X``&E:N@V=1,@:^.8-S]$`#CH(&A#$2
M`HO-X`]9ABZ#(@.M)E$7)3280R<;8(48&,`"5LA!`M[!`Q!DP9G<X`03%B`(
M>F`#0*$5+4<*&YE-&PNW&E`.9`HQCG=XP!D3`(7%&N"$0CRS>$DF"04FW<E:
M;.%@%&`4!-Z*$2ANPF)'N(%&\!Q7C9#;)!M0M>/FD`9:O,,2"/@"!KQPL!<D
M@0$/;,8Y6@R!;VV9O<8629,8TP,XN.`/A1"'$3K0@$H(H0+3,@/]LCVD?K3`
M8A?;`@JFH1H`85(#F__(7`-6@)$*%<%^%6U"$8KP@T1)QN#$V4$,0B&%>##`
M`"C`K6A[88`?_*`)UQ.0`2;NN"GHHA),*$,=CE$,3#]#!R?0`B>/((!B0"!5
M7=:',#C!B1C(8YL8X4<F.+$!Q&F@%SXH@@(V8(IM7I7=&U@#)^K@`V[41SG/
M$,,H!*""42"1!V!XP#4,BF2T.,?C3?XV-JBUU&'W0PWH7D$_#``"'CS!`(3A
M1`K<D0`W".(!E^G5B'S@B`6L8A2C2``3[`#E9VB`'ZR@`SERX(9`@$`!H3W&
M%AN@A#H(PP`/R$@U*-`+$23`!8]M@`!4407A8$,!IY!U`@00`E@\LAA@J('_
M,D1@>Q2HP1<)0,0RR!`&T#YJW&J:!P\2D(!*3,!WR]$`&-PP@S34H@&C@"B$
M@6D'EQ6/QVW!4`OET`.F<")1]ER7AR^UX`BJT`*P@P4!9@!/D`-[P%#NT`AU
M@AI#Q02S@``\8`AUPPRD(`1)\`S/@&)?901:@`7OX&9@H`/]8`SRQFH2Q%Z)
MP`;NP`B*L`6U<`1NT`3EU0M@X'H+4`,7@``)\`E)\`#QP`/,@`!J4"*>X`Z$
M0`[-X`++L`&9(0T.$`2J4`9M5@-/0`L(D`-%L#U?MP'YXS@(L`*P4(#8$Q)B
M`').]@`:L'S,`X&>@"^8H`Y9@#0=$%G=``?N4&%@_S`%"$`.*$`@U(`*2&`I
MM0`&-H`TX-,"4.`,Q1`""6`)M(`!?<`)>X`)EG`!%O`"!C!\D'!)&Z$/B\`#
M<!`&9B`(4]``.5`(S[`$J&0)&$`#0<`'EE(.F0`++:`_1V`"VB`)EJ`(W9`$
M]H``[G!QK5`-N\$&5\`,)N`/&S`.,]`,CL`O7]</ZS`U)O@#>#$8&%$&O14,
M7.<%_C!N`=01S_!Q'?`%G)`%;D!Q.9`)KO`.:K`$_6`"F(``OI`%#>(,KI!3
M1[`%KN@&F8,`I^`%W&`'3V@$-]"#PF`%,]!H;+>#H&`#'&$`*E`&Q6`9K'`!
M1U`)PM`/=>`]/&``9.0!V?]2"3X`"XX@@>K@!0O@"R60.S4S`V+@#]8``<]0
M!+Y@";G@#]7P`!B0!@V`!\404<^0""N`+XAP`J;`87;Q>$(@`!93"T[`"42B
M`=+2$8E0`YF#"`^0!0M@,:``!2F0`#8P'.E@,Y+P8IFP.^$##_[0`R'``T>0
M`"(0!UZP!\W0`+XP!F04#5GC#OZU"$VP@Y'%$5-H!DTB#5G@!([)D*<0DJ<`
M&]8@"?_G!&NP`2K@:5%`"5=@!]N@`5&04PW``A'F#%YPB<$$E0_@"(:7`F>6
M&93``_BR!\*@&G@X8!FF`09P"M_3`%\0!7Z32)LV!F<E??Y`!@(P-0(@!%B@
M`DG_T`_5D`N$&`7^$`T6X`L4%PD*P`T4H`I"P`83\`C.4`2Z0'%XL`%0HI0&
M(&T-X`8,@`@?Q0.Y5#BNH1[\0`9.$%(*H`/9J0(:4`4O4`8-T(;"L`%_X&GP
ML`R50`,8L:$4IVZ?(0F8T`!3T`C^4`$T<`[_AP=Q0'(^``I2(YV;4%'+"5<C
MH0'ZH`8'U@'-(`;7T`J+X0SOY@_P@"\S@`';V9T=X`8W,`=U`$*/X`86@PE1
MT`]5<`()`%*&(%D5T'C2$@^]A0`@8!E5\#,;$`B$.`&&(#W!D`!@<#`9Y@`.
M$`;/$`2<H`L(X`0*4`>VJ0(5M08!MPRJP)KX0@LF\`0J_X!>+Z`$TZ9NSE`-
MF-,!HR`%Z>D!=7,%E,`-8=`*(!`]G=2&7J!G;N$<T:`#=6"E((4$FE`-N.@,
M%&`-UI`9SU`"L9`YK.@/QD!7'7`!D0`*I<H//F"<^S@!_K`#B]!#,Z`").8S
MM9,<T%`&N]@`)U`YF$$!Q="3V@(&4K!%1O`'38`XTH"G]K$]/?`)AN<$11`%
MV=(`*J`#"L`$S&`$`L`)$("HP"0`:;!1U-`/;TIQN'FKN?HXGV`*8)`#",`,
MAM`$XR$,%'D$['`.1\`,(=`+M=.??_,"D`$D&F"KM9,:.?H3J"H-^G`*S>`X
MB!`*DD(BT9"4Y:0-=8`T&G0,_O\0`^/02<'P:>;$#PI0,]0VI:K``E/04B$`
M1!7@`$D9(OVP";1`<=<:(E"TK4DS`0HP9N!3`T4`'V:`&ZW@@NY1`BN0FD5P
M`IS4`5;0"./`#"Z0`A:0!-2@"GPP-<$P!SE0+F3#IN\$:OR@"LOP/7.``1Z`
M!0@P"N10"(Y"`9^0D#P0`Y3`ADX@"3J0(D)T#6Z5N,`1'LY`2#M2%B21'F9@
M`90)4G\`#3XC#=:PN5_6"VIP!1V`"2"0!!K`;"PU!RJJ`2\@#,8I?9H`#4D@
MBA>S;]!`2,'Q&3LP#IS4`&K@#+($0(G`IOX%!JH`!Q/WJWC4M0Z``LN'(-)0
M!#E`<>S_.@%;E`:C$%Z+X`7Q\PPQ@`=3`U)XH`\O`$5*H#^8\(T0\`!_D#G!
MD`:K<`4"4`8Q20T:``5N<`3-L`C<8`&SQ76LD`2G00VM`1DNZ#,5$%,'HI0C
MZQ.#D6RGH0HWD#FO2R?J`3P.P@^'>*$"(`P5X)SDT%]NH`"ZU`\E,)<-0`@#
M&`I.0'%,P)"/$2+34*&CH&H-$`BP0(;48`V90+-W^P*N0);@XP99P`]R4`'8
M\`S:4`W]D`FG0%N^X`/@4+3@:YG^$`30U`-6\$T)J`+<<'O]L)7[$P_UB`T>
M@$&\>`)U5G`O\`@KI4&A\`(E<`I%VP"@``9(605AH);4D#>$_R0?3J(!O9+!
M/;'!]Y$J!E!4#;!^W'`;TW`@?<`"1H``4P`/IE"&&U`QX&,(._!$WU(.^A,(
MNM0+99"=B&`!_>"RS\`-4H`%?`"2#:`+%I`-SG`-.L`*[M`!M+`(=>8,=80O
M1Z`$=08:X;9.>)``3LB+PF`!)]H!::``LNH/CZ$/(3`*%S`'CG,!DG`-VJ!`
MF_!_.9!-_/`(&`#".8`*N#L-DZ`!7G`*AC<'(*`/UF$!TD9Q/#`!JH!QB2,J
MB60C_$`9%7RD3>$<[Z&4%``&V.)?>S`!O5!1T+`&KE*X:D`/SD"D.V`(4T,+
M?*`#"`(!W2`&(:D$_I`$C>`+OC!F'/]9#8G[`%)`"@+P:J30#$;P0Q7%`#`P
M`\Q0`PS0M<^P`7Q@FU.``6O0@C+,`*=P!?,P`?EY`7"@"Q>0FG0R&69@`W^0
M`+&@!KVE05`P#=I@!A2@`%^```O0!]L9"U,P!_\G`)-!-C*)!]4J`%G0`XLQ
M"9]0O0UP`3?0"&00;)3Q`*&0"1&E6+AC%>Z80])P&2B0!8;PR<S@!$JP"67`
M#@+0#);P!7C$'I/Z`"R0+3R@`-L0OP5W#$[`3&,0`NY`"B+`!R58OQO@#S;`
M`LK`!!;`#P\@"#E@"5,`!Y(0!>-0@I7`"BCP#`Y@67'@")"(`/9J!>NP"$B@
M!4:@`L;@"K__=`13``.?D`Y'<`2!$`4_L`;K\`0NP`@&$`H\8"MJ(!_7,`VW
M?(D)4`8>\`3OL``F(``(\%^N4`ACL`D+,`OD;-)Q@`T]$$V:X,2.,P-?,`XK
MP`YBH`CL<`,P0`KQX#.UVGA3X8ZZM$NWYP]>``)M;0GXQ@PJC@"(\`GRP&"8
MI@'<,`&K8`E_L`W7X""$Y`]JX`*6,(K*``_R``6.0`N6T-]/@`7,0`A]8`H_
MXPVLT)26<`5`C@!N,`9$H@>[)!D[(`@U8`0J/N;6R`;^8`!;H&H7<`([D#N!
M<&_O@`58D.0I8`/X+`Z6``J)$$23*F5DH`M5?F\"4&&A,-R6L`I8_W#C"6`O
MM:`+11`&UN`-WL!A4I``<$IQEH(OFHX`EN`!R0$!E0')/"'B&089>@`&97`*
M`N`.%^`$2%`&K("#VE0"(@`"7F`*1$H-N.$,^D`)-;``+6`!O?!E&R`)(<`(
M.;``*?`)F<`/A$0-B#0&(``#XS`.L5`&14!&!<=>!@`/?``'*0`#?-`A-G`*
MVGTQY_``/&4`4;`,&S@.?R`"F?`"5V<!=#`&T&(@K>``A#(!>"``C``"9)`8
M*%`';/#O;D`(+>`*)Y`&"+`'&^`--AUHSQ`'=#`*C3,]CJ-*F.X&MXX:OB'J
M.T'J&68=ZJ0/:V`!KC`&=/("CZT19#0<!/]B-M4@&[2A`X7@`P_P8G9:#2\0
M!@:P!ADJ&23R'J;Q`M?0!$:W`XBD!],0IMH$NAN0"4U0`<7``(1P!4V("4:@
M!$L`&5\6#:J0WC%`#]W@W(_".B.LE#ECW](`"SY`3D$D#6;3#W"_!@:0!+!P
MB0@@"3V@(A45)1HZNAK/14#*`XT`:,H!0A,5%21_6L.;NM&0#>G192]K(\(S
M#=-@N130"M-@NO?1)Y3!#]9@!G*@`2%47FZ5E-30&/D1\Y-!',E1!9KF*QK1
M#9O[&&3340MP!;&0!2`P!5/@"#H04=OC'<,1915P(`XP"55``=Q`2)@11#XC
M'"`T3]N0(M5@'5#_+E=/B`@VX#<Y0@T3LDZ-@`B-J>D7B@DUX`$M1DB(0QN0
MK1(5]0*$9+H1]76P"F&U#!#5]%3@ARU:-&C9-$RJ4LV!`VC.J"&D$(8:-6<5
MB!$D"*%*F&<%^?%S!D&/@PH5^OECR9(?!#,E(613Y&+5"6Z]',W0!8\;-C/1
M1D*C,`V"M`H08&+#%@:B&6ZMS`3)QJ^5G"I5A&)[H>&9&6L%L?5C<P1!+`W1
ME#ZK\,*9`PC57AQ;\65&LV9&$`E"M1(""F[0MEEK6=CP8<2)%2]F^8]QXG[0
M(E:C5DU:M6?.S$RC$&UEX6D.A%9P]DQ;F&P$ITFS6*&5,X/2'%BK$.T9_S1I
MSZ0Y>P$M6L5JTR(RC0C!@0;#:J.9H<Q*F99/2RK(6X$`%!D*073WB)B2VS1J
MVJB9B>F,9(7<VJ)5P&;T&;;=Z)VE??8,`H4DY1"D$1%9&K5I6JG@&6H><B8;
M5`H1H@Q!+/!"AWZLJ<8RTJ"A!KG',M0P0\<V+(P"")XQ11JC**B/O-\^:^DE
M"'HSZAJCG'%&,AG-<("S::R1L0)H2"(1@M\HD#$S9Z8I33-I6G%`19=L#-$`
M1K"(YX$(:4`"@1I*X(<T&9VYYD@S@-3,#+9PHV"D:2HP`QL9=XM&(FLH$/+&
M:?JA(0T$`LG"*(2D@8"HB#IS@)]^G'D@"?/4BO]3FC![D(8?#R.5M*4.)?6*
M4'XTX.>%?N1T)AH-F/0G"*(T)2I3$T/JAR1M3#*1@A<\>P:A?GKKB@)H@NCG
MF7Z\N@T:#20350-&GTE"A%54H&<:;[A98P$$-J&'*(((?8:S^F:5++>7]-##
M5,ELHZ":((0*R1\-A#P*&C)F:(`->8[*)@@*])@U"'JOD0::7F'E5-7>!`N#
M@GY6)=2EPS3UIU,YS]0@5'0A75CB2?VI--*",\YX88U%[7ACCCN&^.."0PZY
M9))+_C":;+#)I(4KP("F"@=ZD6249C@A=3=^".['MDU#/?,9@D--N===#<Y4
M4PB<X28>!&9II)=9#R3_F)]H7O!YXX]/UGBD@D<Z;*21?CL(-ER9(C1L6"N^
MN&*XXY:[):\P$L:0!!0@"9H^K$!@`12@D0.EM0MU9J6P"3U<0Y+\(10A!YSI
M@94$4C#@&FB.NH8DL`_&V."P175\U95D[!73^<[,N.U)WY[[==@S),D::1ZA
MXPH0BGD@D196&440:.PKC0+'.2_XA;5)$ATQT!7'IAH@'Y`B"_-LE&;S@P]?
MGC&2*2X,=/.^-A5QSUN/_7ST%=NR:6><4V8%1?:XP@4,2@`V+`PU'HMTL+<W
MK&1"44`E1R$)9Y@&`1YA*&+^6PSI-':8'JUJ<:N:6,;(!C))N2Y]&X2=!FA7
M_PT*;(`.+KC"*ER0@%C$H"HO"(EQEK`$>JSM9!!8@C-D9X8EK`I7&OA42EA4
MDLP$00,.,,,%)Z4R]15J)/0P0S><\4)"98`$*G&@VSAXQ?-I8#4PX4</A("!
M4[#A!TG856E4@HP/_"*-E^#`H";F``Y((!6/X0<]2D&`A<UH0,YH!6ZX00VV
MH(<"`2@`&DB`-$DYT"KW6,)AW'(P(J"#!`"X!#X@,(@S$"$`AY.A^;#X2;DY
M$6MFJ("F=K`!':AN&C%I41<.,801H.$2[0A`8?@!B%U\XW^<,HPS\C""CIV)
M6P_35#2JH8U[#(,7WS`8Q!2#2)8XL!^B(`(`.+8B?O^HZ@YO``0X<)"*)>3C
M#1&@!\K,Z2$-@E*=&2+9]PK6H\[THPL?J(<_'("#`]0C`*D8P2U2D8$\9*`'
M>4@&&@9`#TZ!8P`#X,`]!ID'#>QS%T/@0#=,T8\(E&($'"!!NJ`A"@*\8J&;
M?`8]1E"*73@.$!&0!1H&808-T",",AC!$LAFTGT,013]Z,$`;I$'7LVJ'Y<8
MQC>6$`%1)%,"'*`'.-"`!FMBBH&'2><ZK1JWKG3*'_,<Q"2'((%[X$`";]A'
M/@!@BPB`PQ:7N,,^NF`&%`#C`W<XP"T<T(4"]`,';Y#`+\;9CPQ(X`-ON,,@
M:M6/`!`A'&_@`B\RT(]!7(+_"W?(@S.2,58NO"$5_>```3YP"5G8%+!H\,,E
M!B&-`7R`"]4$'5&_<0\BH"$5^S@#$``A@P^$@PH!2!PZK_I;V)$-5#@XQ!ML
M<0=S#(`"O#`'.@8Q"`Z$(QG?^(`$\O"*,]1C!'YH0S+.T(X>`.,2_AC"(=`0
M@3N@8PD#X$(R9."'`3@NHA*XPPCPL0^.7H(`J2C``4@P`#_<8@3Z!00!AE$/
M*AP`%QF+0#BZ0`)DG`$-'#A``83B&=?F@0M4``01"!``''P`NG>0P<3$IJ&J
M`E?%&@J59W!P!G0,H0"7*``)@-&)E+:"PH,`Q"5D4`$2_((#KZ"G!@A`!#/(
M0`+D_[V$-8%A"U%0H0`PO$-\64)-8``"``<802K"@0M_U(,+$1A`)W8ZA'9$
M@*BW*,`OAK"V+4<@`[PX`#B6VXX<$LJU]0A'`<!1@"D7(!RED,$=;''!\C$F
MQ2MF=&*RV2EY?H"<2]@%97EQ!UEHP`P[#L`E2@$-$GR``P6XPSW\004"]$#)
MY'V#-8<`95L`(8:7L#(_J#F$;U`R&8,(QR#\`0`N<&``!ZAE*=+<B3>\`M`<
M6)4&MIP*<(B3C*48QB%U1502\+G&5*#"$M#Q@3:\PA9=0!P&%=UH=&N(A5C;
M*CT7EHQ.1&`(G<CTIN_`@4Z7PAG4Y0`PSI"'?K2C'4E>,O\O6NT/7M@B`*\@
M`#V^T8E:4W.9E!Q!!#K1A5]S`0#LK24OB!"!-Q2@'@``1!((I8%ZW*$>&1A"
M.!X+#"*4$QK^.``1,J!M$J"CV_V]!P#N`0Z)>>\QBTYWN@^GM:V:HQVO(,(O
M"/"-?'`!!T,<A(@#<(<AF.$;9QA$``YA:#^@HQ7B]4<;\ND/(!"!!!$P!P$D
MX(<NK"V9;=#R'1Y,@`.\0K]RZ((?"$`%+KPB`Z_H1!MT'@'$!8"O$0!`)]I1
M@`_(8%<J&<892J%A*I"``.@(0BH^0`4TC\`4^:CQ5`M#]*(WFE<'BP`1)/!Z
M*M3C&KLH0`1(`H!7```<;1@!/S+_$/M^C(`(5+@$.IPQ`E[X8Q=`J&5+EP"!
M(0P#"%P@=ZA(@-(,`*(-'#!#'M;:CGM48`#A((!QZPD`(/!U`("`%$\'(8$1
M7..REW@%;TG'`5N\0A0%Z$(&%NJ/'MB%-S`N:\*'?`"Z#4&]U%NQYND!0.@Y
M4;`S?EB";R@GJR"!(B*!'-*Z'EB">A`%`)```NB')0`'?U@"$K"A$B1!`!"%
M"/@`'.`?<+`I,R"!&'(&0-`G"J`'-#B`/```9EJ8#/"Y<E(:9XA`S^@Y$PR?
M0OF&`&@%$L@`:,B`QUJ5>ZB';[`A$DA!"N*0!?Q"6^(';B`;EG@!CMF4B<&<
M+NRD;R``_T+;AUM`(I>0F'M`!QQHNCR8F!7Y#-*))GJXA0^HI990F;"1D8,!
M&4WAG!-K/TZIHFAJ/[!!,3"<1),)G>29&&DP&;"Q(0WH@3:@*S3@AL1)'+$!
MAW:X`_@;B?W!E*"3H()Q`&1X!1+HG+4)GY'8'/[AG]%IGHPQG5$,%284NL50
M0$JTJEM<FVO`'I1YM*_I'TU9`D``!'HHGOX)G7XP!1((`"ZDQ8+1'B5:E6?0
M@%;(@.O9G#,L'"^A15;T!T-,'K(A&_,8B42L17-3#&(L1E!*GO`Q!54Y1)(P
MCT<LE%W<%`J2(":4)G[@%W091<7AQL+)AFCX$HDQ'(TQG7_DI-W^4<3.4222
M",?-L44YM$=\3#U([!^A4$?%^8R1B$=KD9.-M,4*&HI>P1#4D2H9,L*A\8R-
M)!V+7,E"?,=<#!L34R2,3,"1!$.QL:"5Z)QKBLF2(:;1.1A,N289>IA!7$H`
M"L.EZ1E.D<JEC"8^++?B<9QGZD*7Z"U)/$JU7$NUO$>V?$NX!"6WC$NZK$O8
MF4N[S$N]]*V][$N_G!N\_$O!],O`'$S#M,O"/$S%?,O$7$S'',G&?$S)!,-_
DJ$S+O$S,S$S-W$S.[$S/_$S0#$W1'$W2+$W3/$W4],R````[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
