FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Cormack Scott Daniel
   2. Issuer Name and Ticker or Trading Symbol
ONCOGENEX PHARMACEUTICALS, INC. [OGXI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and CEO
(Last)
(First)
(Middle)
400-1001 W. BROADWAY		 3. Date of Earliest Transaction (Month/Day/Year)
01/04/2011
(Street)

VANCOUVER, A1 V6H 4B1		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/04/2011   M   6,608 A $ 3.889 19,675 D  
Common Stock 01/04/2011   S   6,608 D $ 16.52 13,067 D  
Common Stock 01/04/2011   M   3,392 A $ 3.889 11,484 I Spouse
Common Stock 01/04/2011   S   3,392 D $ 16.52 8,092 I Spouse
Common Stock 01/05/2011   M   8,660 A $ 3.889 21,727 D  
Common Stock 01/05/2011   G   8,660 D $ 0 13,067 D  
Common Stock 01/05/2011   G   8,660 A $ 0 44,340 I By Trycor Investment Trust No. 1 (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options $ 3.889 01/04/2011   M     6,608 (2) 01/14/2007 01/14/2011 Common 6,608 $ 0 8,660 D  
Stock Options $ 3.889 01/04/2011   M     3,392 (2) 01/14/2007 01/14/2011 Common 3,392 $ 0 0 I Spouse
Stock Options $ 3.889 01/05/2011   M     8,660 (3) 01/14/2007 01/14/2011 Common 8,660 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Cormack Scott Daniel
400-1001 W. BROADWAY
VANCOUVER, A1 V6H 4B1		   X     President and CEO  

Signatures

 Sandra Thomson as attorney-in-fact   01/06/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Scott Cormack and his spouse are the trustees and beneficiaries of the Trycor Investment Trust No. 1
(2) These shares were exercised and sold under the 10b5 Sales Plan.
(3) These shares were exercised under the 10b5 Sales Plan.

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