Onyx Pharmaceuticals Announces Management Changes
04 October 2007 - 9:00PM
PR Newswire (US)
EMERYVILLE, Calif., Oct. 4 /PRNewswire-FirstCall/ -- Onyx
Pharmaceuticals, Inc. (NASDAQ:ONXX) today announced that Hollings
C. Renton, the company's chief executive officer, plans to retire
next year. Renton, 60, will remain chairman of the board of
directors. As a result of his decision, the company is initiating a
search for a successor. The company also announced the promotion of
Laura A. Brege to the newly created position of executive vice
president & chief operating officer and Randy A. Kelley to
senior vice president of sales and marketing. "With Nexavar
established as an effective and well tolerated anti-cancer drug and
with broad development and commercial plans in place, Onyx is
poised to enter a new phase of corporate growth," said Renton.
"After almost 15 years as CEO, it's the perfect time for me to
relinquish my operating role so I can spend more time with my
family. I am committed to the company and its continued success,
and will remain closely involved until a successor is appointed,
and subsequently as chairman." Brege joined Onyx in June 2006 as
executive vice president & chief business officer. In her new
role as executive vice president & chief operating officer,
Brege will be responsible for the sales and marketing, medical
affairs, legal, business development, and compliance functions.
Since arriving at Onyx, Brege has overseen the expansion of key
corporate capabilities and strengthened Onyx's financial position
by significantly adding to its cash reserves. Before joining Onyx,
Brege was a general partner at Red Rock Management, a venture
capital firm. Prior to Red Rock, she was the senior vice president
and chief financial officer at COR Therapeutics. Earlier in her
career, Brege served as vice president and chief financial officer
at Flextronics and vice president and treasurer of The Cooper
Companies. Brege earned her undergraduate degree from Ohio
University and has an MBA from the University of Chicago. Brege
serves on the boards of Angiotech Pharmaceuticals, Inc. and The
Ohio University Foundation. "Since her arrival at Onyx, Laura has
overseen the expansion of key corporate capabilities, guided our
business planning, and strengthened our financial position," said
Renton. "Laura's superb leadership skills and diverse experience
will help ensure Onyx continues to deliver on our mission to
improve the lives of people living with cancer." Kelley, previously
vice president of sales, joined Onyx in September 2004. While at
Onyx, Kelley established its U.S. sales organization and managed,
with the company's collaborator, Bayer, the successful launch of
Nexavar, a targeted oncology agent approved for the treatment of
advanced kidney cancer. From 1994 to 2004, Kelley served in various
senior sales and marketing positions at Chiron Corporation,
including vice president, North American sales for the company's
biopharmaceutical division. Previously Kelley was vice president of
sales at Immunex Corporation and held various sales management
positions at Adria Laboratories. Kelley earned his B.A. from the
University of the Pacific. He is a member of the Board of Directors
of the William S. Graham Foundation for Melanoma Research. "As a
veteran oncology executive, Randy moved swiftly to build Onyx's
commercial infrastructure from the ground up," said Renton.
"Randy's dedication, team-building skills, and commitment to
performance will be instrumental in driving Nexavar's planned
commercial launch in liver cancer and beyond." About Onyx
Pharmaceuticals, Inc. Onyx Pharmaceuticals, Inc. is a
biopharmaceutical company developing innovative therapies that
target the molecular mechanisms that cause cancer. The company is
commercializing and developing Nexavar(R), a small molecule drug,
with Bayer HealthCare Pharmaceuticals Inc. Nexavar has been
approved for the treatment of advanced kidney cancer. For more
information about Onyx's pipeline and activities, visit the
company's website at: http://www.onyx-pharm.com/. Nexavar(R)
(sorafenib) tablets is a registered trademark of Bayer HealthCare
Pharmaceuticals Inc. This news release contains "forward-looking
statements" within the meaning of the federal securities laws.
These forward-looking statements include, without limitation,
statements regarding the planned commercial launch of Nexavar as a
treatment for liver cancer and the anticipated contributions of
Onyx's management team. These statements are subject to risks and
uncertainties that could cause actual results and events to differ
materially from those anticipated. These risks and uncertainties
include, without limitation, the risks (i) that Nexavar may never
be approved for use in liver cancer or that its approval may be
significantly delayed, and (ii) that we depend upon our
collaborative relationship with Bayer to manufacture and to further
develop and commercialize Nexavar. These and other risk factors are
discussed under "Risk Factors" in Onyx's Annual Report on Form 10-K
for the year ended December 31, 2006, as well as Onyx's subsequent
quarterly reports on Form 10-Q, filed with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements that speak only as of
the date of this release. Onyx undertakes no obligation to update
publicly any forward-looking statements to reflect new information,
events, or circumstances after the date of this release except as
required by law. DATASOURCE: Onyx Pharmaceuticals, Inc. CONTACT:
Julie Wood, Vice President, Investor Relations of Onyx
Pharmaceuticals, Inc., +1-510-597-6505 Web site:
http://www.onyx-pharm.com/
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