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Onyx Pharmaceuticals Reports Second Quarter 2011 Financial Results
Date:8/3/2011

SOUTH SAN FRANCISCO, Calif., Aug. 3, 2011 /PRNewswire/ -- Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) today reported its financial results for the second quarter 2011. Onyx reported a non-GAAP net loss of $27.2 million, or $0.43 per diluted share, for the second quarter 2011 compared to a non-GAAP net income of $2.9 million, or $0.05 per diluted share, for the same period in 2010. Non-GAAP net loss excludes, among other items, adjustments to contingent consideration expense in connection with Onyx's acquisition of Proteolix Inc., or Proteolix; employee stock-based compensation expense; lease termination exit costs, non-cash imputed interest expense related to the application of Accounting Standards Codification ("ASC") 470-20 and charges associated with the restructuring of Onyx's development, collaboration, option and license agreement with S*BIO Pte Ltd., or S*BIO.

"The quarter was marked by continued progress across our product portfolio," said N. Anthony Coles, M.D., president and chief executive officer of Onyx. "Approved for the treatment of liver cancer and kidney cancer, Nexavar delivered another quarter of solid operating performance driven by strong growth in the Asia Pacific region. With five late-stage clinical trials expected to read-out by the end of 2012, Nexavar is poised to penetrate existing and new markets."  Dr. Coles continued, "Our Phase 3 confirmatory trials with carfilzomib, ASPIRE and FOCUS, are well underway.  Importantly, we are ramping up preparation for the commercialization of carfilzomib, in anticipation of a potential U.S. approval next year."

On a GAAP basis, Onyx reported a net loss of $54.5 million, or $0.86 per diluted share, for the second quarter 2011 compared to a net loss of $97.2 million, or $1.55 per diluted share, for the same period in 2010. A description of the non-GAAP calculations and reconciliation to co
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SOURCE Onyx Pharmaceuticals, Inc.
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