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Onyx shares fall on changed pact, Q2 results RICHMOND, Calif., Aug 8 (Reuters) - Shares of Onyx Pharmaceuticals Inc. (NasdaqNM:ONXX - news) fell more than 27 percent in morning trade on Wednesday after the company posted a loss for the second quarter and said it was amending its pact with a unit of Pfizer Inc. (NYSE:PFE - news) on the development of a cancer drug. ADVERTISEMENT Onyx shares were down $2.42, or 27.4 percent, to $6.41 on Nasdaq. Under the amended agreement with Pfizer`s Warner-Lambert Co., Onyx will regain full rights to develop and commercialize the experimental drug ONYX-015 for cancers that are treated with direct injections to tumors, Onyx said. Warner-Lambert, acquired by Pfizer last year, will retain development rights for ONYX-015 for cancers where the drug is administered intravenously. Richmond, Calif.-based Onyx said that because of the changes in the pact, its research and development expenses will increase over current levels, and revenues from Warner-Lambert will stop until trials for intravenous indications are re-initiated. Onyx reported a loss of $5.9 million, or 32 cents per share, for the second quarter, compared with a profit of $1.4 million, or 10 cents per share, a year earlier. Revenues fell to $5.3 million from $9.0 million. Revenues in both periods were from the collaboration pact with Warner-Lambert. Onyx said revenues decreased primarily because the year-ago quarter included a one-time $3.7 million payment from Warner-Lambert upon completion of a research milestone. |
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| aus der Diskussion: | onyx pharmaceut. im juhu musterdepot! |
| Autor (Datum des Eintrages): | panik (08.08.01 20:21:36) |
| Beitrag: | 39 von 229 (ID:4159900) |
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