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Onyx Pharmaceuticals Reports First Quarter 2011 Financial Results
Date:5/4/2011

n the fair value for the first quarter 2011 consisted of $6.1 million due to an increase in the assessed probability of technical and regulatory success (PTRS) and $5.4 million due to the passage of time. The increase in the PTRS was due to the expanded size and change in endpoint of the Phase 3 European clinical trial, referred to as FOCUS or the "011" trial, announced in March 2011.

Interest ExpenseInterest expense of $5.0 million for the first quarter 2011 primarily relates to the 4.0% convertible senior notes due 2016 issued in August 2009 and includes non-cash imputed interest expense of $2.4 million as a result of the application of ASC 470-20.

Other ExpenseOther expense for the first quarter 2011 primarily consists of a $3.0 million impairment charge which reflects the reassessment of the fair value of Onyx's equity investment in S*BIO.

Cash, Cash Equivalents and Marketable SecuritiesOn March 31, 2011, cash, cash equivalents, and current and non-current marketable securities were $561.7 million compared to $577.9 million at December 31, 2010.  This excludes restricted cash of $31.9 million at December 31, 2010.  

Management Conference Call TodayOnyx will host a teleconference and webcast to provide a general business overview and discuss financial results.  The event will begin at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) on May 4, 2011.  Interested parties may access a live webcast of the presentation on the company's website at:

http://www.onyx-pharm.com/investors/event-calendar

or by dialing 888-771-4371 within the U.S. or 847-585-4405 outside the U.S., and using the passcode 29609004#.  A replay of the presentation will be available on the Onyx website or by dialing 630-652-3042 and using the passcode 29609004# approximately one hour after the teleconference concludes for both US a
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SOURCE Onyx Pharmaceuticals, Inc.
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