Onyx Pharmaceuticals Reports First Quarter 2004 Financial Results
May 05 2004 - 5:00PM
PR Newswire (US)
Onyx Pharmaceuticals Reports First Quarter 2004 Financial Results
RICHMOND, Calif., May 5 /PRNewswire-FirstCall/ -- Onyx
Pharmaceuticals, Inc. reported a net loss of $8.2 million, or $0.25
per share, for the quarter ended March 31, 2004, compared with a
net loss of $10.7 million, or $0.47 per share, for the same quarter
in 2003. These results reflect higher clinical development and
marketing expenditures for Onyx's lead product candidate, BAY
43-9006, offset by reduced expenses as a result of the 2003
termination of its therapeutic virus program. BAY 43-9006 is an
orally active small molecule anticancer compound in codevelopment
with Bayer Pharmaceuticals Corporation. As of March 31, 2004, the
company had cash, cash equivalents and marketable securities of
$248.3 million compared to $105.4 million at December 31, 2003. In
February 2004, the company raised net cash proceeds of $148.4
million in a public offering of its common stock. Onyx sold
4,685,693 shares at $33.75 per share pursuant to an effective
registration statement previously filed with the Securities and
Exchange Commission. For the quarters ended March 31, 2004 and
2003, Onyx reported no revenue. Research and development costs
decreased by $2.3 million in the first quarter of 2004 versus the
comparable period last year. This was the result of a decrease of
$4.0 million of expenses associated with the therapeutic virus
program, partially offset by increased expenses of $1.7 million
related to the development of BAY 43-9006. Expenses associated with
BAY 43-9006 may fluctuate from quarter to quarter due to
variability of costs associated with clinical trials and
third-party vendors. Onyx Pharmaceuticals is engaged in the
development of novel cancer therapies that target the molecular
basis of cancer. With its collaborators, the company is developing
small molecule drugs, including BAY 43-9006 with Bayer
Pharmaceuticals Corporation. For more information about Onyx's
pipeline and activities, visit the company's website at
http://www.onyx-pharm.com/. This press release contains
forward-looking statements regarding expectations about the
development of BAY 43-9006. These forward-looking statements
involve a number of risks and uncertainties that could cause actual
events to differ from the company's expectations. These risks are
addressed 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 filed on March 15, 2004 and its
Quarterly Reports on Form 10-Q. ONYX PHARMACEUTICALS, INC. SUMMARY
FINANCIAL INFORMATION STATEMENTS OF OPERATIONS (in thousands,
except per share amounts) Three Months Ended March 31, 2004 2003
(unaudited) (unaudited) Total revenue $-- $-- Operating expenses:
Research and development 6,730 9,037 Marketing 289 80 General and
administrative 1,686 1,302 Restructuring -- 442 Total operating
expenses 8,705 10,861 Loss from operations (8,705) (10,861)
Interest income, net 524 173 Net loss $(8,181) $(10,688) Basic and
diluted net loss per share $(0.25) $(0.47) Shares used in computing
basic and diluted net loss per share 32,555 22,697 CONDENSED
BALANCE SHEET (in thousands) March 31, Dec. 31, 2004 2003
(unaudited) (1) Assets Cash, cash equivalents and marketable
securities $248,265 $105,400 Other current assets 2,786 3,045 Total
current assets 251,051 108,445 Property and equipment, net 286 285
Other assets 416 408 Total assets $251,753 $109,138 Liabilities and
stockholders' equity Current liabilities $15,252 $15,619 Advance
from partner 20,000 20,000 Stockholders' equity 216,501 73,519
Total liabilities and stockholders' equity $251,753 $109,138 (1)
Derived from the audited financial statements included in the
Company's Annual Report on Form 10-K for the year ended December
31, 2003. DATASOURCE: Onyx Pharmaceuticals, Inc. CONTACT: Julie
Wood of Onyx Pharmaceuticals, Inc., +1-510-262-8757 Web site:
http://www.onyx-pharm.com/
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