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Onyx Reports Fourth Quarter and Year-End 2000 Financial Results RICHMOND, Calif., Feb. 28 /PRNewswire/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX - news) announced today the results of operations for the fourth quarter and year ended December 31, 2000. The company reported a net loss of $3,333,000, or $0.19 per share for the fourth quarter ended December 31, 2000 compared with a net loss of $1,647,000, or $0.14 per share for the same quarter in 1999. For the year ended December 31, 2000, the company reported a net loss of $7,479,000, or $0.50 per share, compared with a net loss of $14,802,000, or $1.29 per share, for the same period in 1999. For the quarters ended December 31, 2000 and 1999, total revenue was $4,338,000 and $6,601,000, respectively. Revenue decreased in the quarter ended December 31, 2000 by $2,263,000 over the same period last year. In December 1999, the company recognized $1,589,000 related to the final research payment from its collaboration with Bayer Corporation. The company is now co-developing a clinical candidate with Bayer. The remainder of the difference pertained to a decrease in CI-1042 (ONYX-015) development cost reimbursement revenue from Warner-Lambert Company during 2000 as Warner-Lambert has assumed the management over clinical trials. Revenue for both quarters also included amounts earned for research performed under our collaborations with Warner-Lambert for the cell cycle and inflammation programs. Total operating expenses for the quarters ended December 31, 2000 and 1999 were $8,884,000 and $8,419,000, respectively. During the quarter ended December 31, 2000 as compared to the same period in the prior year, development expenses related to the co-development of a clinical candidate with Bayer increased and were offset by a decrease in CI-1042 clinical trial expenses as these costs were assumed by Warner-Lambert. General and administrative expenses increased due to the hiring of additional staff to support our research and development efforts. For the years ended December 31, 2000 and 1999, total revenue was $24,180,000 and $13,324,000, respectively. This revenue represents amounts earned for research performed under the company`s collaborations. The increase in revenue in 2000 is due primarily to the collaboration agreement with Warner-Lambert, effective as of September 1999, to develop and commercialize CI-1042 as well as two additional product candidates, including a $3,700,000 payment received upon the completion of a research milestone in the quarter ended June 30, 2000. Total operating expenses in 2000 of $34,387,000 were $5,419,000 greater than in 1999. This increase was primarily attributable to manufacturing expenses associated with the CI-1042 Phase III clinical trials and various Phase I/II clinical trials. Additionally, a Phase I clinical trial of the raf kinase inhibitor was initiated with Bayer in the quarter ended September 30, 2000, and Onyx is co-funding clinical development costs. Also, hiring additional staff contributed to the increase in operating expenses in 2000. As of December 31, 2000, the company had cash, cash equivalents and short-term investments of $81,994,000. The company completed two private placements of 2,279,470 shares of common stock in the quarter ended March 31, 2000 and a follow-on equity offering of 3,450,000 shares of common stock in October 2000 that raised aggregate net proceeds of $71,000,000. ``We are pleased with the significant progress made by Onyx in 2000,`` said Hollings Renton, Chairman and Chief Executive Officer of Onyx. ``The initiation of a Phase III clinical trial for Onyx`s lead product, CI-1042, for the treatment of recurrent head and neck cancer as well as the initiation of Phase I clinical testing for the company`s novel oral raf kinase inhibitor, known as BAY 43-9006, represent major milestones for the company. Additionally, the development and manufacturing relationship that we entered into with XOMA in January 2001 will enable us to increase supply of CI-1042 for our various clinical trials under our collaboration with Warner-Lambert and provide supply for commercial use.`` Onyx will host a conference call today, Wednesday, February 28, 2001 at 1:30 p.m. PST/ 4:30 p.m. EST to discuss the results of the fourth quarter and year-end 2000 financials. To participate in the conference call, dial 800-498-2168 (within the United States) or 706-634-6592 (if calling from outside the U.S.). Onyx Pharmaceuticals is engaged in the discovery and development of novel cancer therapies. Based on its proprietary virus technologies, the company is developing its lead product, CI-1042 (ONYX-015). CI-1042 is currently in a Phase III clinical trial for head and neck cancer and in Phase I and II clinical trials for a number of different additional cancer indications. For more information about CI-1042 and Onyx`s pipeline and activities, visit Onyx`s website at www.onyx-pharm.com. This press release contains certain forward-looking statements regarding the development of potential human therapeutic products that involve a number of risks and uncertainties. Actual events may differ from the company`s expectations. In addition to the matters described in this press release, the timeline for clinical activity, results of pending or future clinical trials, and changes in the status of the company`s collaborative relationships, as well as the risk factors listed from time to time in the company`s periodic reports filed with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, may affect the actual results achieved by the company. ONYX PHARMACEUTICALS, INC. SUMMARY FINANCIAL INFORMATION STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Year Ended December 31, December 31, 2000 1999 2000 1999 Total revenue $4,338 $6,601 $ 24,180 $13,324 Operating expenses: Research and development 6,939 7,079 26,879 23,627 General and administrative 1,945 1,340 7,508 5,341 Total operating expenses 8,884 8,419 34,387 28,968 Loss from operations (4,546) (1,818) (10,207) (15,644) Interest income, net 1,213 171 2,728 842 Net loss $(3,333) $ (1,647) $(7,479) $(14,802) Basic and diluted net loss per share $(0.19) $(0.14) $(0.50) $(1.29) Shares used in computing basic and diluted net loss per share 17,458 11,536 14,896 11,503 CONDENSED BALANCE SHEETS (in thousands) Dec. 31, Dec. 31, 2000 1999 (unaudited) (1) Assets Cash, cash equivalents and short-term investments $81,994 $14,463 Other current assets 3,083 3,760 Total current assets 85,077 18,223 Property and equipment, net 3,132 3,000 Other assets 388 405 Total assets $88,597 $21,628 Liabilities and stockholders` equity Current liabilities $10,868 $11,450 Long-term obligations 833 2,516 Stockholders` equity 76,896 7,662 Total liabilities and stockholders` equity $88,597 $ 21,628 Derived from the audited financial statements included in the Company`s Annual Report on Form 10-K for the year ended December 31, 1999. SOURCE: Onyx Pharmaceuticals, Inc. |
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| Autor (Datum des Eintrages): | panik (28.02.01 12:35:09) |
| Beitrag: | 16 von 229 (ID:2998525) |
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