Bucking the current downward spiral trend for most biotech stocks, OncoGenex Pharmaceuticals has staged a dramatic recovery this week with positive phase II data for its antisense therapy in prostate cancer and lead pipeline candidate, OGX-011; shares have risen 160% since the trial results were released on Wednesday, to $5.83 in early trade today and on track to match the $6.00 price the shares traded at just after OncoGenex’s reverse merger into Sonus Pharmaceuticals in August.The Sonus merger enabled OncoGenex to obtain a public listing, but as part of the deal the company undertook a 1-for-18 reverse stock split, meaning that with just 5.5 million shares in issue, even this dramatic share price rise values the company at a relatively modest $32m. Nevertheless, the trial data highlights the potential for the much-hyped antisense therapy field in a particularly difficult to treat cancer.
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