|
Onyx Reports First Quarter 2001 Financial Results RICHMOND, Calif., May 4 /PRNewswire/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX - news) announced today the results of operations for the first quarter ended March 31, 2001. The company reported a net loss of $5,243,000, or $0.29 per share for the quarter ended March 31, 2001. These results compare with a net loss of $1,680,000, or $0.12 per share for the same quarter in 2000. Total revenue for the quarter ended March 31, 2001 of $4,736,000 was attributable to amounts earned under the company`s collaborations with Warner-Lambert Company, a subsidiary of Pfizer. Revenue decreased this quarter by $1,101,000 over the same period last year due primarily to the receipt of a payment in the first quarter of 2000 under the inflammation collaboration that was not received this year. Additionally, staffing on the cell cycle collaboration was lower than a year ago resulting in reduced revenue for these efforts. Total operating expenses for the quarter ended March 31, 2001 of $11,117,000 were $3,205,000 greater than the same period last year. This increase is primarily attributable to the Phase I clinical trials that began in July 2000 with Bayer Corporation and the process development and manufacturing expenses incurred in the first quarter of 2001 under the agreement that was signed with XOMA (US) LLC in January 2001. As of March 31, 2001, the company had cash, cash equivalents and marketable securities of $77,925,000 compared with $81,994,000 at December 31, 2000. In March 2001, a $5,000,000 equity investment was received from Warner-Lambert. ``Onyx made progress on many fronts during the first quarter,`` said Hollings Renton, Chairman and Chief Executive Officer of Onyx. ``We presented Phase I data at the American Association for Cancer Research meeting on our novel orally active Raf kinase inhibitor, known as BAY 43-9006, that Onyx is co-developing with Bayer. Additionally, we entered into a development and manufacturing relationship with XOMA to increase supply of our lead compound, CI-1042 (ONYX-015), for various clinical trials now underway. We also hired Scott Geyer as Vice President of Technical Operations and Scott Freeman as Vice President of Clinical Research, significantly strengthening our senior management team.`` 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 Web site 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 March 31, 2001 2000 Total revenue $4,736 $5,837 Operating expenses: Research and development 9,385 6,070 General and administrative 1,732 1,842 Total operating expenses 11,117 7,912 Loss from operations (6,381) (2,075) Interest income, net 1,138 395 Net loss $(5,243) $(1,680) Net loss per share $(0.29) $(0.12) Shares used in computing net loss per share 18,085 13,462 CONDENSED BALANCE SHEETS (in thousands) March 31, Dec. 31, 2001 2000 (unaudited) (A) Assets Cash, cash equivalents and marketable securities $77,925 $81,994 Other current assets 5,466 3,083 Total current assets 83,391 85,077 Property and equipment, net 3,067 3,132 Other assets 2,429 388 Total assets $88,887 $88,597 Liabilities and stockholders` equity Current liabilities $11,574 $10,868 Long-term obligations 708 833 Stockholders` equity 76,605 76,896 Total liabilities and stockholders` equity $88,887 $88,597 (A)Derived from the audited financial statements included in the Company`s Annual Report on Form 10-K for the year ended December 31, 2000. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X49622675 SOURCE: Onyx Pharmaceuticals, Inc. |
|
| aus der Diskussion: | onyx pharmaceut. im juhu musterdepot! |
| Autor (Datum des Eintrages): | panik (04.05.01 12:33:30) |
| Beitrag: | 26 von 229 (ID:3448928) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |