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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): March 26, 2009</B>

<P style="font-size: 24pt" align="center"><B>ONCOGENEX PHARMACEUTICALS,
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>033-80623</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>95-4343413</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1522 217th Place
S.E.<BR>
Bothell, Washington <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>98021</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(425) 487-9500</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>N/A<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.01 Entry into a Material
Definitive Agreement.</B>

<P style="font-size: 10pt" align="left">On March&nbsp;27, 2009, the Board of
Directors (the &#8220;Board&#8221;) of OncoGenex Pharmaceuticals, Inc. (the
&#8220;Company&#8221;) approved a new director compensation policy
(&#8220;Director Program&#8221;), which is intended to supersede in their
entirety the prior practices of the Company with respect to director
compensation. The material terms of the Director Program are as set forth below.

<P style="font-size: 10pt" align="left"><U>Cash Compensation</U>

<P style="font-size: 10pt" align="left">The annual cash compensation for
directors shall be $65,000 per year for the chair or lead director, if any, and
$44,000 per year for all other non-employee directors, in each case paid in
arrears in four quarterly installments.

<P style="font-size: 10pt" align="left"><U>Equity Compensation</U>

<P style="font-size: 10pt" align="left">New directors shall receive a one-time
initial stock option grant (&#8220;Initial Grant&#8221;) and, following each
annual meeting of stockholders, each director elected at such meeting shall
receive an annual stock option grant (&#8220;Annual Grant&#8221;). The number
of shares of common stock (&#8220;Shares&#8221;) subject to the Initial Grant
shall be the number that results in the award having a Value (defined below) of
$55,000, subject to a maximum of 20,000 Shares. The number of Shares subject to
the Annual Grant shall be that number that results in the award having a Value
(defined below) of $34,000, subject to a maximum of 17,000 Shares. Each Initial
Grant will vest quarterly over three years, and each Annual Grant will vest
quarterly over one year. Initial Grants and Annual Grants will each have a term
of seven years. Conditions on vesting and additional terms will be as set forth
in the applicable stock incentive plan to which the grants are subject.

<P style="font-size: 10pt" align="left">In the case of a director that was
appointed or elected to the Board for the first time as of a date subsequent to
December&nbsp;31, 2008, and who has received an Initial Grant, such
director&#8217;s first Annual Grant will be reduced by multiplying the number
of Shares that would otherwise be subject to such Annual Grant by the fraction
of a year during which the director served on the Board immediately preceding
the date of the annual meeting of stockholders.

<P style="font-size: 10pt" align="left">&#8220;Value&#8221;, as used above, is
defined as the value derived from the Black Scholes formula, using the
following additional inputs: (i)&nbsp;expected life of four years;
(ii)&nbsp;annualized volatility as at the date of grant, as determined by the
Board; (iii)&nbsp;a dividend yield of 0%; and (iv)&nbsp;a risk free interest
rate of the midpoint between the three and five year T-bill rates in effect at
the date of grant, regardless of the expense recognized by the Company for
financial statement purposes.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B>

<P style="font-size: 10pt" align="left">On March&nbsp;26, 2009, the Board
adopted a Short Term Incentive Awards Program (&#8220;STIP&#8221;), an
Agreement and Consent Form related thereto (&#8220;Consent&#8221;) and the 2009
Corporate Objectives related thereto. The STIP, which will be administered by
the Compensation Committee, applies to eligible employees, including the
Company&#8217;s executive officers, and is intended to supersede in their
entirety the prior practices of the Company with respect to short-term
incentive awards. The Consent provides that the respective employee agrees to
amend and modify his or her employment insofar as it relates to bonus
compensation and associated corporate objectives. As a result of the adoption
of the STIP and the execution of the related Consent, all bonuses paid to
employees, including executive officers, will hereinafter be discretionary.

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="left">The STIP provides eligible employees
with an annual opportunity to receive a discretionary cash bonus based on
performance related to corporate, team or individual goals and objectives. With
respect to executive officers, award determinations under the STIP are based
exclusively upon the attainment of certain corporate objectives. The STIP
provides that the corporate objectives will be recommended annually by the
Compensation Committee for adoption by the Board. The actual incentive amounts
paid to executive officers under the STIP for the each fiscal year will be
based on the Company&#8217;s actual results during such year in relation to the
established corporate objectives, and payments may be less than the established
target amounts<B>. </B>The Company believes that Instruction 4 to Item 402(b)
of Regulation&nbsp;S-K under the Securities Exchange Act of 1934, as amended,
is applicable to the specific corporate objectives, which involve confidential
information, because the disclosure of such information would cause competitive
harm to the Company.

<P style="font-size: 10pt" align="left">Copies of the STIP and Consent are
filed as Exhibit&nbsp;10.1 and Exhibit&nbsp;10.2, respectively, to this Current
Report on Form 8-K and are incorporated herein by reference.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01 Financial Statements
and Exhibits.</B>

<P style="font-size: 10pt" align="left">(d)&nbsp;<U>Exhibits.</U>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
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 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>Exhibit<br>
Number</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center"><B>Description</B></TD>
 </TR>
<!-- End Table Head -->
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 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Short Term Incentive Awards Program</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Agreement and Consent Form (related to the
Short Term Incentive Awards Program)</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt" align="left">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
<DIV align="center">
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border="0">
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  <TD width="48%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
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<TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">ONCOGENEX PHARMACEUTICALS, INC.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
  <TD valign="top">Date: April&nbsp;1, 2009</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" style="border-bottom: #000000 1px solid">/s/ Stephen Anderson</TD>
 </TR>


<TR valign="bottom">
  <TD valign="top">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Stephen Anderson<BR>
Chief Financial Officer and Secretary</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>Exhibit<br>
Number</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center"><B>Description</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Short Term Incentive Awards Program</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">10.2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Agreement and Consent Form (related to the
Short Term Incentive Awards Program)</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">5
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Form 8-K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): March 26, 2009
ONCOGENEX PHARMACEUTICALS,
INC.
(Exact name of registrant as
specified in its charter)
Delaware
033-80623
95-4343413
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1522 217th Place
S.E.
Bothell, Washington
98021
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(425) 487-9500
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material
Definitive Agreement.
On March 27, 2009, the Board of
Directors (the "Board") of OncoGenex Pharmaceuticals, Inc. (the
"Company") approved a new director compensation policy
("Director Program"), which is intended to supersede in their
entirety the prior practices of the Company with respect to director
compensation. The material terms of the Director Program are as set forth below.
Cash Compensation
The annual cash compensation for
directors shall be $65,000 per year for the chair or lead director, if any, and
$44,000 per year for all other non-employee directors, in each case paid in
arrears in four quarterly installments.
Equity Compensation
New directors shall receive a one-time
initial stock option grant ("Initial Grant") and, following each
annual meeting of stockholders, each director elected at such meeting shall
receive an annual stock option grant ("Annual Grant"). The number
of shares of common stock ("Shares") subject to the Initial Grant
shall be the number that results in the award having a Value (defined below) of
$55,000, subject to a maximum of 20,000 Shares. The number of Shares subject to
the Annual Grant shall be that number that results in the award having a Value
(defined below) of $34,000, subject to a maximum of 17,000 Shares. Each Initial
Grant will vest quarterly over three years, and each Annual Grant will vest
quarterly over one year. Initial Grants and Annual Grants will each have a term
of seven years. Conditions on vesting and additional terms will be as set forth
in the applicable stock incentive plan to which the grants are subject.
In the case of a director that was
appointed or elected to the Board for the first time as of a date subsequent to
December 31, 2008, and who has received an Initial Grant, such
director's first Annual Grant will be reduced by multiplying the number
of Shares that would otherwise be subject to such Annual Grant by the fraction
of a year during which the director served on the Board immediately preceding
the date of the annual meeting of stockholders.
"Value", as used above, is
defined as the value derived from the Black Scholes formula, using the
following additional inputs: (i) expected life of four years;
(ii) annualized volatility as at the date of grant, as determined by the
Board; (iii) a dividend yield of 0%; and (iv) a risk free interest
rate of the midpoint between the three and five year T-bill rates in effect at
the date of grant, regardless of the expense recognized by the Company for
financial statement purposes.
Item 5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On March 26, 2009, the Board
adopted a Short Term Incentive Awards Program ("STIP"), an
Agreement and Consent Form related thereto ("Consent") and the 2009
Corporate Objectives related thereto. The STIP, which will be administered by
the Compensation Committee, applies to eligible employees, including the
Company's executive officers, and is intended to supersede in their
entirety the prior practices of the Company with respect to short-term
incentive awards. The Consent provides that the respective employee agrees to
amend and modify his or her employment insofar as it relates to bonus
compensation and associated corporate objectives. As a result of the adoption
of the STIP and the execution of the related Consent, all bonuses paid to
employees, including executive officers, will hereinafter be discretionary.
The STIP provides eligible employees
with an annual opportunity to receive a discretionary cash bonus based on
performance related to corporate, team or individual goals and objectives. With
respect to executive officers, award determinations under the STIP are based
exclusively upon the attainment of certain corporate objectives. The STIP
provides that the corporate objectives will be recommended annually by the
Compensation Committee for adoption by the Board. The actual incentive amounts
paid to executive officers under the STIP for the each fiscal year will be
based on the Company's actual results during such year in relation to the
established corporate objectives, and payments may be less than the established
target amounts
.
The Company believes that Instruction 4 to Item 402(b)
of Regulation S-K under the Securities Exchange Act of 1934, as amended,
is applicable to the specific corporate objectives, which involve confidential
information, because the disclosure of such information would cause competitive
harm to the Company.
Copies of the STIP and Consent are
filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this Current
Report on Form 8-K and are incorporated herein by reference.
Item 9.01 Financial Statements
and Exhibits.
(d)
Exhibits.
Exhibit
Number
Description
10.1
Short Term Incentive Awards Program
10.2
Agreement and Consent Form (related to the
Short Term Incentive Awards Program)
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
ONCOGENEX PHARMACEUTICALS, INC.
Date: April 1, 2009
/s/ Stephen Anderson
Stephen Anderson
Chief Financial Officer and Secretary
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Short Term Incentive Awards Program
10.2
Agreement and Consent Form (related to the
Short Term Incentive Awards Program)