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Onyx Pharmaceuticals Announces Fourth Quarter and Full Year 2008 Financial Results Teleconference and Webcast
Date:2/12/2009

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 gener
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SOURCE Onyx Pharmaceuticals, Inc.
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