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.
|SOURCE Onyx Pharmaceuticals, Inc.|
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