Dendrite Research
Deep value, special situations

OncoGenex Has A Potential Blockbuster Drug, But The Markets Are Pricing It Like An Orphan

OncoGenex (NASDAQ:OGXI) is a small-cap biotech company with multiple potential blockbusters in its pipeline. The company will soon report data from the first of three ongoing Phase III trials. Its flagship drug, OGX-011, is designed to complement conventional chemotherapy by knocking down the specific molecular mechanisms tumor cells use to stay alive. Strong data from multiple successful Phase II trials and other clinical evidence indicate a high probability of success in Phase III. Based on approval milestones and sales goals, OGXI stands to receive up to $370 million from its partner Teva Pharmaceuticals, plus additional sales royalties. On the basis of these payments alone, OGXI is substantially undervalued. But what's really exciting is the generalizability of OGX-011 -...

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