Onyx Pharmaceuticals Announces Fourth Quarter and Full Year 2008 Financial Results Teleconference and Webcast
13 February 2009 - 8:01AM
PR Newswire (US)
EMERYVILLE, Calif., Feb. 12 /PRNewswire-FirstCall/ -- Onyx
Pharmaceuticals, Inc. (NASDAQ:ONXX) today announced that it will
webcast a teleconference with management to provide an update on
Nexavar(R) (sorafenib) tablets, as well as to discuss fourth
quarter and full year 2008 financial results, on Monday, February
23, 2009, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time).
Financial results for the fourth quarter and year ended December
31, 2008 will be released earlier that day. Interested parties may
access a live webcast of the presentation on the company's website
at: http://www.onyx-pharm.com/wt/page/event_calendar or by dialing
847-413-3238 and using the passcode 23828951. A replay of the
presentation will be available on the Onyx website or by dialing
630-652-3044 and using the passcode 23828951 approximately one hour
after the teleconference concludes. The replay will be available
through March 23, 2009. New Presentation of Statement of Operations
In December 2007, the Financial Accounting Standards Board (FASB)
ratified Emerging Issues Task Force (EITF) 07-1, "Accounting for
Collaborative Arrangements". Onyx has elected to adopt this new
accounting guidance as of December 31, 2008, and as a result, the
company's Statement of Operations for the year ending December 31,
2008 will be reported under this new presentation. This new
presentation changes the classification of amounts included in
specific lines in the Statement of Operations, but does not change
net income (loss) or net income (loss) per share. Under this new
presentation, the Statement of Operations includes the line item
"Revenue from Collaboration Agreement." This line item consists of
Onyx's share of the commercial profit generated from the
collaboration with Bayer, reimbursement of Onyx's shared marketing
costs related to Nexavar and Nexavar royalty revenue. Onyx's 50%
share of collaboration research and development expenses is
included in the research and development expense line item. In
addition, all prior periods from January 1, 2006 through September
30, 2008 will be reclassified to conform to this new guidance and
will be presented in Onyx's Form 8-K to be filed with the
Securities and Exchange Commission prior to the fourth quarter and
full year 2008 financial results call on February 23, 2009. For
additional information on the structure of the company's new
Statement of Operations, please visit the investor section of
Onyx's website at http://www.onyx-pharm.com/wt/page/investors.
About Onyx Pharmaceuticals, Inc. Onyx Pharmaceuticals, Inc. is a
biopharmaceutical company committed to improving the lives of
people with cancer by changing the way cancer is treated(TM). The
company, in collaboration with Bayer HealthCare Pharmaceuticals,
Inc., is developing and marketing Nexavar(R), a small molecule
drug. Nexavar is currently approved for the treatment of liver
cancer and advanced kidney cancer. Additionally, Nexavar is being
investigated in several ongoing trials in non-small cell lung
cancer, melanoma, breast cancer, and other cancers. For more
information about Onyx, visit the company's website at
http://www.onyx-pharm.com/. Nexavar(R) (sorafenib) tablets is a
registered trademark of Bayer Pharmaceuticals Corporation.
DATASOURCE: Onyx Pharmaceuticals, Inc. CONTACT: Alex Santos of Onyx
Pharmaceuticals, Inc., +1-510-597-6504 Web site:
http://www.onyx-pharm.com/
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