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Onyx Pharmaceuticals Reports Second Quarter and Six Months Financial Results RICHMOND, Calif., Aug. 8 /PRNewswire/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX - news) announced today the results of operations for the second quarter and six months ended June 30, 2001. The company reported a net loss of $5.9 million, or $0.32 per share for the quarter ended June 30, 2001 compared with net income of $1.4 million, or $0.10 per share for the same quarter in 2000. For the six months ended June 30, 2001, the company reported a net loss of $11.1 million, or $0.61 per share compared with a net loss of $0.2 million, or $0.02 per share for the same period in 2000. Total revenue was $5.3 million for the quarter ended June 30, 2001 as compared to $9.0 million for the quarter ended June 30, 2000. Total revenue for both quarters was attributable to amounts earned under the company`s research and development collaborations with Warner-Lambert Company, a subsidiary of Pfizer Inc. The major reason for decreased revenue in the current quarter compared to the same quarter in the prior year is that the quarter ended June 30, 2000 included a payment of $3.7 million from Warner-Lambert that was received upon the completion of a research milestone for the armed anticancer virus collaboration. Total operating expenses of $12.1 million for the quarter ended June 30, 2001 were $4.0 million greater than in the same period last year. This increase is primarily attributable to the Phase I clinical trial that began in July 2000 with Bayer Corporation, for which Onyx pays 50% of the costs, and the process development and manufacturing expenses incurred under the agreement that was signed with XOMA (US) LLC in January 2001. As a result of the amendment to the 1999 collaboration agreement between Onyx and Warner-Lambert, which was announced today in a separate press release, Onyx assumes responsibility and full ownership of local and regional indications of ONYX-015. Therefore, research and development expenses will increase over current levels, and revenues from Warner-Lambert will stop until trials for intravenous indications are reinitiated. As of June 30, 2001, the company had cash, cash equivalents and short-term investments of $73.2 million. ``Onyx had a very eventful second quarter,`` said Hollings Renton, Chairman and Chief Executive Officer of Onyx. ``At the 2001 American Society of Clinical Oncology meeting held in San Francisco, we presented promising ONYX-015 data, including the results of a Phase I/II trial in the treatment of metastatic colorectal cancer and also results from a Phase II study in patients with premalignant oral dysplasia. Now that we have full developmental rights to ONYX-015 in local and regional indications, we are excited by the opportunity to bring this promising agent to market as quickly as possible, to the benefit of our stockholders and also the oncology community. Further, with Bayer, we presented Phase I clinical trial results for our novel oral Raf kinase inhibitor, known as BAY 43-9006.`` Thomas Dubensky Promoted to Vice President, Virology Also, Thomas W. Dubensky, Jr., Ph.D., was promoted to Vice President of Virology after having served as Director of Virus Research since joining Onyx in October 2000. Dr. Dubensky will continue to lead the company`s efforts to discover and develop viruses with systemic efficacy against metastatic disease. Prior to joining Onyx, Dr. Dubensky held the position of Director of Gene Therapy and Vaccines Research at Chiron Corporation. ``Tom`s expertise is an excellent fit with the strategic focus of Onyx,`` said Renton. ``He has already helped us make great strides in our virus research program, and I look forward to his continued leadership in our scientific endeavors.`` Onyx will host a conference call today, Wednesday, August 8, 2001 at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time to discuss the results of the second quarter as well as other business issues. To participate in the conference call, dial 800-498-2168, conference ID #1552657. Or to listen to the webcast of the conference call via the Internet, log on to Onyx`s website at www.onyx-pharm.com 30 minutes prior to the start of the conference, click on the ``What`s New`` tab, read that page and click on the ``LIVE! From InterCall`` icon and follow the instructions. 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, ONYX-015. ONYX-015 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 additional cancer indications. For more information about ONYX-015 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 Six Months Ended June 30, June 30, 2001 2000 2001 2000 Total revenue $5,342 $9,010 $10,078 $14,847 Operating expenses: Research and development 10,288 6,300 19,673 12,370 General and administrative 1,831 1,818 3,563 3,660 Total operating expenses 12,119 8,118 23,236 16,030 Income (loss) from operations (6,777) 892 (13,158) (1,183) Interest income, net 888 546 2,026 941 Net income (loss) $(5,889) $1,438 $(11,132) $(242) Basic and diluted net income (loss) per share $(0.32) $0.10 $(0.61) $(0.02) Shares used in computing basic net income (loss) per share 18,434 14,239 18,260 13,852 Shares used in computing diluted net income (loss) per share 18,434 14,788 18,260 13,852 CONDENSED BALANCE SHEETS (in thousands) June 30, Dec. 31, 2001 2000 (unaudited) (A) Assets Cash, cash equivalents and short-term investments $73,154 $81,994 Other current assets 6,333 3,083 Total current assets 79,487 85,077 Property and equipment, net 3,777 3,132 Other assets 2,290 388 Total assets $85,554 $88,597 Liabilities and stockholders`equity Current liabilities $13,873 $10,868 Long-term liabilities 583 833 Stockholders` equity 71,098 76,896 Total liabilities and stockholders` equity $85,554 $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 SOURCE: Onyx Pharmaceuticals, Inc. |
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| aus der Diskussion: | onyx pharmaceut. im juhu musterdepot! |
| Autor (Datum des Eintrages): | panik (08.08.01 14:27:24) |
| Beitrag: | 38 von 229 (ID:4156242) |
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