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Onyx Reports Fourth Quarter and Year-End 2002 Financial Results Thursday February 27, 4:30 pm ET RICHMOND, Calif., Feb. 27 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX - News) reported a net loss of $13.3 million, or $0.62 per share for the fourth quarter ended December 31, 2002 compared with a net loss of $9.5 million, or $0.51 per share for the same quarter in 2001. For the year ended December 31, 2002, the company reported a net loss of $45.8 million, or $2.23 per share, compared with a net loss of $27.6 million, or $1.50 per share, for the same period in 2001. ADVERTISEMENT The results for the quarter and year ended December 31, 2002 reflect higher clinical development expenditures for Onyx`s lead product, BAY 43-9006, an orally active small molecule raf kinase inhibitor that is being developed in a collaboration between Onyx and Bayer Corporation. In addition, as a result of the August 2001 reacquisition of rights to ONYX-015 and an Armed Therapeutic Virus(TM) product from Warner-Lambert Company, a subsidiary of Pfizer, Inc, and the September 2002 termination of the companies` collaborative agreement, Onyx recorded higher manufacturing and clinical expenses as well as lower collaborative revenue in the fourth quarter and year ended December 31, 2002 than in the corresponding periods in the prior fiscal year. In January 2003, the company announced that it restructured its operations to reflect an increased priority on the development of BAY 43-9006. Onyx suspended the development of ONYX-015, including clinical trials and manufacturing activities, pending ongoing partnering discussions, and reduced staff levels by 25%. As a result, the company announced that for 2003, it projected quarterly operating expenses in the $9.0 million range, excluding certain restructuring and other one-time charges. As of December 31, 2002, the company had cash, cash equivalents and marketable securities of $39.8 million. Earlier this month, the company announced that it raised $10.0 million in a private placement of common stock primarily with Deerfield Management Company, Inc. For the quarter ended December 31, 2002, Onyx reported no revenue as compared with total revenue of $1.3 million for the same quarter a year ago. The revenue reflected research funding received from Warner-Lambert for the now-terminated therapeutic virus collaboration. Total operating expenses for the quarters ended December 31, 2002 and 2001 were $13.4 million and $12.1 million, respectively. The fourth quarter 2002 results include a $2.5 million increase in expenses versus the same quarter in the prior year related to the co-development of BAY 43-9006, specifically multiple, ongoing Phase I clinical trials and Phase II clinical trials initiated in September 2002. The fourth quarter 2002 results did not include restructuring costs as compared with the same period in the prior year where the company recorded expenses of $0.8 million related to a December 2001 reduction in force. For the years ended December 31, 2002 and 2001, total revenue was $2.7 million and $15.8 million, respectively, primarily representing research and development funding from the now-discontinued Warner-Lambert collaboration. The decrease in revenue in 2002 is a result of the August 2001 conclusion of ONYX-015 development cost reimbursement and small molecule research collaborations with Warner-Lambert. In addition, following the termination of the therapeutic virus research collaboration with Warner-Lambert in September 2002, no further funding was received for this program. Total operating expenses in 2002 of $49.8 million were $2.4 million greater than in 2001. Expenses related to the co-development and clinical trial costs of BAY 43-9006 with Bayer increased by $6.3 million. Development costs for ONYX-015 increased by $6.2 million. The increased expenses for these programs were partially offset by a decrease of $10.1 million in expenses for therapeutic virus and small molecule research programs, due to the company`s December 2001 restructuring of research functions and corresponding reduction in force. Onyx Pharmaceuticals is engaged in the discovery and development of novel cancer therapies and has proprietary technologies that target the molecular basis of cancer. The company is developing small molecule drugs, including BAY 43-9006 in co-development with Bayer. In addition, the company`s preclinical portfolio includes proprietary therapeutic viruses and Armed Therapeutic Virus(TM) products. 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 its 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 Year Ended December 31, December 31, 2002 2001 2002 2001 (unaudited) (unaudited) (unaudited) (A) Total revenue $-- $1,304 $2,715 $15,846 Operating expenses: Research and development 11,765 9,755 43,792 39,927 General and administrative 1,655 1,488 6,004 6,652 Restructuring and other -- 812 -- 812 Total operating expenses 13,420 12,055 49,796 47,391 Loss from operations (13,420) (10,751) (47,081) (31,545) Interest income, net 223 498 1,159 3,223 Other income (expense) (100) 750 135 750 Net loss $(13,297) $ (9,503) $ (45,787) $ (27,572) Basic and diluted net loss per share $(0.62) $(0.51) $(2.23) $(1.50) Shares used in computing basic and diluted net loss per share 21,595 18,510 20,535 18,385 CONDENSED BALANCE SHEETS (in thousands) Dec. 31, Dec. 31, 2002 2001 (unaudited) (A) Assets Cash, cash equivalents and marketable securities $39,833 $58,466 Other current assets 1,351 900 Total current assets 41,184 59,366 Property and equipment, net 2,834 3,597 Other assets 2,223 2,819 Total assets $46,241 $65,782 Liabilities and stockholders` equity Current liabilities $12,457 $10,697 Advance from partner 5,000 -- Stockholders` equity 28,784 55,085 Total liabilities and stockholders` equity $46,241 $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. -------------------------------------------------------------------------------- Source: Onyx Pharmaceuticals, Inc. |
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| aus der Diskussion: | onyx pharmaceut. im juhu musterdepot! |
| Autor (Datum des Eintrages): | topbasher (27.02.03 22:40:09) |
| Beitrag: | 65 von 229 (ID:8754912) |
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