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Biotech / Medical : ONXX -- Ignore unavailable to you. Want to Upgrade?

To: Elmer who wrote (387)	8/1/2000 6:45:37 PM
From: AD	Read Replies (1) \| Respond to of 810

Breaking News : Biotech/Pharmaceuticals Update: Onyx Soars as Investors Discover Promising Drug Trials By Tim Arango TheStreet.com/NYTimes.com Staff Reporter 8/1/00 4:15 PM ET Updated from 3:23 p.m. EDT Investors bid up shares of Onyx Pharmaceuticals (ONXX:Nasdaq - news) more than 45% Wednesday after a magazine reported that clinical trials in a promising cancer drug showed it reduced the size of tumors in patients with cancer in the head and neck. But was it really news? The phase two study of its drug, called Onyx-015, was actually completed last year and preliminary results had already been presented to the American Society of Clinical Oncology, according to Helen Kim, vice president of corporate development at Onyx. In addition, the company issued a press release May 24 to announce positive results from the clinical trials of Onyx-015. "So it's not new news," Kim said. Still, investors flocked to the stock. At one point it was up 45% at 15 13/16, before retreating. It closed Monday's session up 4 1/16, or 37%, at 14 15/16. What investors apparently reacted to was a complete report on the study published Tuesday in the journal Nature Medicine. But the key statistics from the study -- that 63% of 30 patients with cancers of the head or neck saw their tumors shrink by 50% or more and in nine patients the tumors disappeared when using Onyx-015 -- were no secret prior to the journal article, Kim said. The tests -- being conducted in collaboration with Pfizer (PFE:NYSE - news) -- have entered phase three, she said. Also Tuesday, Richmond, Calif.-based Onyx released second-quarter earnings. Its loss of 10 cents per share beat the expectations of Wall Street analysts, which foresaw the company losing 14 cents a share, according to market research firm First Call/Thomson Financial. Onyx lost 46 cents in the same period last year. Its net income was $1.44 million on revenue of $9 million.