Onyx Pharmaceuticals Announces Fourth Quarter and Full Year 2008 Financial Results Teleconference and Webcast
Interested parties may access a live webcast of the presentation on thecompany's website at: http://www.onyx-pharm.com/wt/page/event_calendaror by dialing 847-413-3238 and using the passcode 23828951. A replay of thepresentation will be available on the Onyx website or by dialing 630-652-3044and using the passcode 23828951 approximately one hour after theteleconference 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) ratifiedEmerging Issues Task Force (EITF) 07-1, "Accounting for CollaborativeArrangements". Onyx has elected to adopt this new accounting guidance as ofDecember 31, 2008, and as a result, the company's Statement of Operations forthe year ending December 31, 2008 will be reported under this newpresentation. This new presentation changes the classification of amountsincluded in specific lines in the Statement of Operations, but does not changenet income (loss) or net income (loss) per share.
Under this new presentation, the Statement of Operations includes the lineitem "Revenue from Collaboration Agreement." This line item consists ofOnyx's share of the commercial profit generated from the collaboration withBayer, reimbursement of Onyx's shared marketing costs related to Nexavar andNexavar royalty revenue. Onyx's 50% share of collaboration research anddevelopment expenses is included in the research and development expense lineitem.
In addition, all prior periods from January 1, 2006 through September 30,2008 will be reclassified to conform to this new guidance and will bepresented in Onyx's Form 8-K to be filed with the Securities and ExchangeCommission prior to the fourth quarter and full year 2008 financial resultscall on February 23, 2009. For additional information on the structure of thecompany's new Statement of Operations, please visit the investor section ofOnyx's website at http://www.onyx-pharm.com/wt/page/investors.
About Onyx Pharmaceuticals, Inc.
Onyx Pharmaceuticals, Inc. is a biopharmaceutical company committed toimproving the lives of people with cancer by changing the way cancer istreated(TM). The company, in collaboration with Bayer HealthCarePharmaceuticals, Inc., is developing and marketing Nexavar(R), a smallmolecule drug. Nexavar is currently approved for the treatment of livercancer and advanced kidney cancer. Additionally, Nexavar is beinginvestigated 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 BayerPharmaceuticals Corporation.
SOURCE Onyx Pharmaceuticals, Inc.
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