** OncoGenex Pharmaceuticals of Bothell puts cancer drug placed on fast track

OncoGenex Pharmaceuticals of Bothell has garnered attention with its announcement that its lead drug candidate, OGX-011, has been granted fast-track designation by the U. S. Food and Drug Administration. This designation may significantly accelerate the regulatory approval process for the drug, which is currently in phase 2 clinical trials targeting various cancers, including prostate cancer. As a result of this positive development, OncoGenex's stock price surged by 64 percent, closing at $7.

90. The article provides additional context by detailing Wall Street's performance, which ended a volatile week positively, with the Dow Jones industrial average gaining nearly 200 points. Comments from Federal Reserve Chairman Ben Bernanke regarding inflation trends further buoyed market sentiment. The article also highlights the cautious outlook surrounding major financial institutions like Freddie Mac. Amidst these financial developments, OncoGenex's achievement stands out as a significant local innovation with potential economic impact, emphasizing the importance of supporting biotech advancements in the region.