The primary registration Phase 3 SYNERGY trial, designed to evaluate a survival benefit for custirsen in combination with first-line docetaxel chemotherapy in men with metastatic castrate-resistant prostate cancer (CRPC), completed enrollment in 2012. As a result of death events occurring more slowly than previously expected, the anticipated timing of the pre-specified number of events is currently projected to occur late in the first quarter or early in the second quarter of 2014. These survival results are expected to be announced in mid-2014. No conclusion regarding the possible outcome of the trial can or should be drawn from the fact that death events have occurred more slowly than expected.

Patient enrollment continues in the additional Phase 3 custirsen trials, AFFINITY and ENSPIRIT. The AFFINITY trial will evaluate the potential survival benefit of custirsen in combination with Jevtana^® (cabazitaxel) as second-line chemotherapy in men with metastatic CRPC, and ENSPIRIT will evaluate the potential survival benefit of combining custirsen with docetaxel as second-line chemotherapy in patients with advanced or metastatic non-small cell lung cancer (NSCLC).

The Company announced that the United States Adopted Names Council has approved the use of the nonproprietary generic name “apatorsen” for OGX-427.

In July 2013, the Company announced that enrollment has been completed in Borealis-1™, a company-sponsored, randomized, placebo-controlled Phase 2 trial of apatorsen in combination with first-line gemcitabine and cisplatin in patients with metastatic bladder cancer. Approximately 180 patients have been randomized into Borealis-1 at 55 clinical sites throughout North America and Europe. The primary endpoint of the trial is overall survival and data are expected to be available in the the second-half of 2014.

In August 2013, the Company announced initiation of patient enrollment in the Spruce™ clinical trial. Spruce is an investigator-sponsored, randomized, double-blind, placebo-controlled Phase 2 trial evaluating apatorsen in patients with previously untreated advanced non-squamous NSCLC.

In addition to Borealis-1 and Spruce, as part of the ORCA™ (Ongoing Studies Evaluating Treatment Resistance in CAncer) program, apatorsen is currently being evaluated in the following investigator-sponsored, randomized Phase 2 trials across four tumor types. Recent updates to additional ORCA trials are as follows:

The Borealis-2™ Trial was initiated in April 2013 and is currently enrolling patients. This investigator-sponsored, randomized, open-label Phase 2 trial is evaluating apatorsen in combination with docetaxel in patients with advanced or metastatic bladder cancer who have disease progression following first-line platinum-based chemotherapy. Borealis-2 aims to enroll approximately 200 patients.

The Cedar™ Trial is an investigator-sponsored, randomized, open-label Phase 2 trial evaluating apatorsen in previously untreated patients with advanced squamous cell lung cancer. Plans to initiate Cedar were announced in May 2013. The trial aims to enroll approximately 140 patients and is being conducted in the UK.

The Rainier™ Trial is an investigator-sponsored, randomized, placebo-controlled Phase 2 trial evaluating apatorsen in combination with ABRAXANE^® (paclitaxel protein-bound particles for injectable suspension)(albumin-bound) and gemcitabine in approximately 130 patients with previously untreated metastatic pancreatic cancer. Plans for Rainier were announced in May 2013 and patient enrollment is expected to begin in mid-2013.

The Pacific™ Trial is an investigator-sponsored, randomized, open-label Phase 2 trial evaluating apatorsen in approximately 80 men with metastatic CRPC who are experiencing rising prostate-specific antigen (PSA) while receiving Zytiga^® (abiraterone acetate). The trial was initiated in December 2012 and is currently enrolling at sites in the United States and Canada.

Revenue for the three and six months ended June 30, 2013 increased to $6.3 million and $11.4 million, respectively. This compares to $2.4 million and $3.7 million, respectively, in the same periods in 2012. The increases in 2013 compared to 2012 were due to an increase in revenue earned through the Company’s strategic collaboration with Teva, as a result of the clinical development activities associated with the AFFINITY trial that was initiated in August 2012.

Total operating expenses for the three and six months ended June 30, 2013 increased to $15.7 million and $29.1 million, respectively, compared to $8.4 million and $15.2 million, respectively, in the same periods in 2012. The increases in 2013 compared to 2012 were due primarily to increased clinical trial expenses associated with patient enrollment in the AFFINITY and Borealis-1 trials, higher costs directly associated with efforts to increase patient enrollment, increased employee expenses due to an increase in the number of employees to support our clinical

development activities and increased toxicology and preclinical expenses related to apatorsen. These increases were partially offset by lower apatorsen manufacturing costs due to the timing of manufacturing activities.

Net loss for the second quarter and six months ended June 30, 2013 was $8.4 million, or $0.57 per diluted common share, and $15.1 million, or $1.03 per diluted common share, respectively. Net loss for the second quarter and six months ended June 30, 2012 was $4.2 million, or $0.29 per diluted common share, and $11.1 million, or $0.89 per diluted common share, respectively. The net loss in the six months ended June 30, 2013 included a non-cash gain on revaluation of the warrant liability of $2.3 million.

The Company had $57.0 million in cash, cash equivalents and short-term investments as of June 30, 2013, compared to $75.4 million as of December 31, 2012.

2013 cash guidance:

Net cash requirements are expected to be in the range of $40 - $50 million.

Year-end cash, cash equivalents and short-term investments are expected to be in the range of $25 - $35 million.

Based on its current expectations, the Company believes its capital resources as of June 30, 2013 will be sufficient to fund its currently planned operations into 2015.

At August 8, 2013, The Company had 14,680,395 shares outstanding.

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