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news.OncoGenex Technologies and Isis Pharmaceuticals have amended their agreement and OncoGenex has elected to independently develop its lead cancer drug OGX-011.
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Under the amended agreement, OncoGenex is solely responsible for all future development activities, costs and partnering decisions related to OGX-011.
Isis will no longer be responsible for funding 35% of development costs, will receive single digit royalties on future revenues of OGX-011, and will receive a portion of license fees and milestone payments received by OncoGenex from any future partner. There were no upfront payments associated with this amended agreement.
Scott Cormack, president and CEO of OncoGenex, said: “This amendment allows us to increase our economic interest in OGX-011 as we advance the development of OGX-011 while also increasing our flexibility to further develop this product candidate.”