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Onyx Reports First Quarter 2002 Financial Results RICHMOND, Calif., May 2 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX - news) announced today the results of operations for the first quarter ended March 31, 2002. The company reported a net loss of $9.8 million, or $0.53 per share for the quarter ended March 31, 2002. These results compare with a net loss of $5.2 million, or $0.29 per share for the same quarter in 2001. These results primarily reflect higher clinical development expenditures and lower collaborative revenue as a result of the transfer of certain programs back to Onyx from Warner-Lambert Company, a subsidiary of Pfizer, Inc. Total revenue for the quarter ended March 31, 2002 of $0.8 million was attributable to research funding for the therapeutic virus collaboration with Warner-Lambert. Revenue is significantly less than the same quarter a year ago, reflecting the amended agreement with Warner-Lambert under which Onyx reassumed control of the clinical development of ONYX-015. In addition, Onyx`s small molecule research collaborations with Warner-Lambert concluded in August 2001, and we are no longer receiving funding for these programs. Total operating expenses of $11.1 million for the quarter ended March 31, 2002 were flat compared to the same period last year. Onyx indicated that, although its quarterly clinical expenses were approximately $3.3 million more than a year ago, the increase was offset by general and administrative savings that were due to reduced headcount, and reductions to early stage research programs. As of March 31, 2002, the company had cash, cash equivalents and short-term investments of $48.1 million compared with $58.5 million at December 31, 2001. Onyx Pharmaceuticals is engaged in the discovery and development of novel cancer therapies. Based on its proprietary technologies that target the molecular basis of cancer, the company is developing two lead products, ONYX-015 and BAY 43-9006. For more information about Onyx`s pipeline and activities, visit the company`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, dependency on third parties to manufacture our products, 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) Three Months Ended March 31, 2002 2001 (unaudited) (unaudited) Total revenue $830 $4,736 Operating expenses: Research and development 9,749 9,385 General and administrative 1,393 1,732 Total operating expenses 11,142 11,117 Loss from operations (10,312) (6,381) Interest income, net 344 1,138 Other income 175 -- Net loss $(9,793) $(5,243) Basic and diluted net loss per share $(0.53) $(0.29) Shares used in computing basic and diluted net loss per share 18,552 18,085 CONDENSED BALANCE SHEETS (in thousands) March 31, Dec. 31, 2002 2001 (unaudited) (A) Assets Cash, cash equivalents and short-term investments $48,126 $58,466 Other current assets 986 900 Total current assets 49,112 59,366 Property and equipment, net 3,337 3,597 Other assets 2,733 2,819 Total assets $55,182 $65,782 Liabilities and stockholders` equity Current liabilities $9,949 $10,697 Stockholders` equity 45,233 55,085 Total liabilities and stockholders` equity $55,182 $65,782 (A) Derived from the audited financial statements included in the Company`s Annual Report on Form 10-K for the year ended December 31, 2001. Tell Us What You Think -- Click Here SOURCE: Onyx Pharmaceuticals, Inc. |
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| aus der Diskussion: | onyx pharmaceut. im juhu musterdepot! |
| Autor (Datum des Eintrages): | sohu (02.05.02 22:26:44) |
| Beitrag: | 52 von 229 (ID:6320708) |
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