OncoGenex Appoints New CFO and Board Member

VANCOUVER, Feb. 14  /PRNewswire-FirstCall/ -- OncoGenex Technologies Inc., announced the appointment of Mr. Stephen Anderson as Chief Financial Officer and Mr. Tom Bailey as a member of the Board of Directors of OncoGenex.

"We are very pleased with our latest additions to the OncoGenex team," said Scott Cormack, President and Chief Executive Officer of OncoGenex. "Steve Anderson brings significant capital market experience to the company and will be an invaluable contributor to our corporate governance, corporate finance, financial reporting and treasury management activities. Tom Bailey adds breadth of discipline to our board of directors, bringing substantial financing and M&A experience coupled with his executive level experience in business development and as the Chief Financial Officer at Angiotech Pharmaceuticals."

Steve Anderson has over 17 years of financial experience, with both public and private companies. Most recently, he was Chief Financial Officer at Perceptronix Medical Inc., a medical diagnostic company focused on the early detection of lung cancer. Prior to Perceptronix, he was with Westport Innovations Inc., spanning roles as Controller, Vice President, Finance and most recently, Chief Financial Officer. During his time at Westport, he was involved in raising over $200 million, listing on the Toronto Stock Exchange, closing several acquisitions and forming Cummins Westport Inc., a commercial joint venture with a major US manufacturer. He has consulted for other technology companies, primarily in the areas of financing, operations and strategy. Steve Anderson has also previously worked with Discovery Capital Corporation, a Vancouver-based venture capital firm specializing in technology and health and life sciences, the Jim Pattison Group and KPMG. He has Bachelor of Arts and Master of Business Administration degrees, both from the University of British Columbia and is a Chartered Accountant.

"OncoGenex has done an outstanding job of getting the most for its financial investment, as evidenced by the rapid advancement of OGX-011 in the clinic, and I am excited to be joining OncoGenex at such a momentous time in the company's growth," said Steve Anderson.

Tom Bailey has had a distinguished career as an investment banker, most recently as leader of the biotechnology practice group at Credit Suisse First Boston and Donaldson, Lufkin & Jenrette, where he advised on over 50 completed transactions for biotechnology, pharmaceutical and medical device companies, including mergers, acquisitions, strategic alliances and a wide range of equity, equity-linked and debt financings, and worked with the firms' merchant banking and venture capital groups to identify and complete significant investments in life sciences companies. Tom Bailey received his A.B. in economics from Harvard University in 1990 and his M.B.A. from Harvard Business School in 1995.

"OncoGenex has demonstrated significant ability to execute on its development strategies and secure financing to fully support its drug development programs" said Tom Bailey "I am looking forward to working with OncoGenex as the company prepares for registration studies with its most advanced drug programs."

About OncoGenex Technologies

OncoGenex Technologies Inc. (OncoGenex) is a clinical-stage biotechnology company dedicated to improving survival and quality of life of cancer patients by developing targeted therapeutics for treatment-resistant and metastatic cancer. The company currently has several programs in mid and early stage clinical development for various cancers including prostate cancer, non-small cell lung cancer and breast cancer. OncoGenex' ability to advance drugs quickly and efficiently results from its ability to unite groups with a common interest in treating cancer: universities, hospitals, clinical networks, companies, granting agencies and investors. This efficient business model has enabled OncoGenex to add three products to its development program since 2001. Additional information about OncoGenex is available at http://www.oncogenex.ca/.

  OncoGenex Contact:                Media Contact:
  ------------------                --------------
  Scott Cormack                     Rachel Lipsitz
  President & CEO                   Porter Novelli Life Sciences
  604-805-2274                      858-527-3483
            

DATASOURCE: OncoGenex Technologies Inc.



CONTACT: OncoGenex Contact: Scott Cormack, President & CEO,

[phone], ; Media Contact: Rachel Lipsitz,

Porter Novelli Life Sciences, [phone], 

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