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Onyx Pharmaceuticals Reports 2008 First Quarter Results
Date:5/6/2008

of March 31, 2008, the company had cash, cash equivalents, and short and long-term marketable securities of $456.6 million compared to $469.7 million at December 31, 2007. This decrease was primarily due to cash used in operations for the three months ended March 31, 2008.

Conference Call with Management Today

Onyx's management will host a teleconference and webcast to provide an update on Nexavar and discuss first quarter 2008 financial results. The event will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on May 6, 2008. Interested parties may access a live webcast of the presentation on our website at:

http://www.onyx-pharm.com/wt/page/event_calendar

or by dialing 630-691-2760 and using the passcode 21488196. A replay of the presentation will be available on the Onyx website or by dialing 630-652-3044 and using the passcode 21488196 approximately one hour after the teleconference concludes. The replay will be available through June 6, 2008.

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) (sorafenib) tablets, 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 HealthCare Pharmaceuticals Inc.

This news release contains "forward-looking statements" of Onyx within
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SOURCE Onyx Pharmaceuticals, Inc.
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