Onyx posts first quarter report
biz.yahoo.com
Tuesday May 12, 7:00 am Eastern Time
Company Press Release
Onyx Pharmaceuticals Reports First Quarter 1998 Financial Results
RICHMOND, Calif.--(BW HealthWire)--May 12, 1998--Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX - news) announced today the results of operations for the first quarter ended March 31, 1998.
The company reported a net loss of $3,539,000, or $0.32 per share for the quarter ended March 31, 1998. These results compare with a net loss of $2,493,000, or $0.26 per share for the same quarter in 1997.
Total revenue for the quarter ended March 31, 1998 of $3,332,000 was attributable to amounts earned for research performed under the
company's collaborations with Bayer Corporation for the ras program, Warner-Lambert Company [NYSE:WLA - news] for the cell cycle and
inflammation programs and Eli Lilly & Company for the BRCA1 program.
Revenue increased this quarter by $1,180,000 over the same period last year due primarily to revenue recorded for the inflammation program,
including a $500,000 license fee.
Total operating expenses in the first quarter of 1998 of $7,355,000 were approximately $2,212,000 higher than in the first quarter of 1997. This increase is primarily attributable to clinical costs associated with Phase I and Phase II clinical trials of ONYX-015, the lead product in the company's p53 program.
As of March 31, 1998, the company had cash, cash equivalents and short-term investments of approximately $43,324,000. On Jan. 12, 1998, the company issued and sold 1,403,508 shares of its common stock to two institutional investors at a purchase price of $7.125 per share. The company received approximately $10 million from the private placement.
ONYX PHARMACEUTICALS, INC.
SUMMARY FINANCIAL INFORMATION
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
1998 1997
Total revenue $ 3,332 $ 2,152
Operating expenses:
Research and development 6,065 3,877
General and administrative 1,290 1,266
Total operating expenses 7,355 5,143
Loss from operations (4,023) (2,991)
Interest income, net 484 498
Net loss $ (3,539) $ (2,493)
Basic and diluted
net loss per share $ (0.32) $ (0.26)
Shares used in computing
basic and diluted
net loss per share 11,074 9,523
CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, Dec. 31,
1998 1997
Assets
Cash, cash equivalents and
short-term investments $43,324 $35,472
Other current assets 562 1,002
Total current assets 43,886 36,474
Property and equipment, net 4,284 4,562
Other assets 804 822
Total assets $48,974 $41,858
Liabilities and stockholders' equity
Current liabilities $ 9,658 $ 8,701
Long-term obligations 4,122 4,336
Stockholders' equity 35,194 28,821
Total liabilities and
stockholders' equity $48,974 $41,858
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