SOUTH SAN FRANCISCO, Calif., May 4, 2011 /PRNewswire/ —
Onyx Pharmaceuticals, Inc. (NASDAQ:
ONXX) today reported its financial results for the first
quarter 2011. Onyx reported a non-GAAP net loss of $14.2 million,
or $0.23 per diluted share, for the first quarter 2011 compared to
a non-GAAP net loss of $1.5 million, or $0.02 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; 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.
“2011 is a pivotal year of execution and growth for Onyx as we
prepare to deliver a number of significant near-term milestones,”
said N. Anthony Coles, M.D., president and chief executive officer
of Onyx. “The NDA for carfilzomib in relapsed and refractory
multiple myeloma is on track for filing; our Phase 3 confirmatory
trials, ASPIRE and FOCUS, are enrolling patients; and ONX 0912, our
next generation proteasome inhibitor, is expected to advance to
Phase 2. Importantly, we are ramping up our preparation for the
commercialization of carfilzomib, in anticipation of a potential
U.S. launch next year.”
On a GAAP basis, Onyx reported a net loss of $49.2 million, or
$0.78 per diluted share, for the first quarter 2011 compared to a
net loss of $12.0 million, or $0.19 per diluted share, for the same
period in 2010. A description of the non-GAAP calculations and
reconciliation to comparable GAAP measures is provided in the
accompanying table entitled “Reconciliation of GAAP to Non-GAAP Net
Loss.”
Revenue from Collaboration Agreement
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