Onyx has net loss of $20.1 million for the quarter, Nexavar revenue at $45.4 million

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Onyx Pharmaceuticals, Inc. reported a net loss of $20.1 million, or $0.49 per share, for the third quarter of 2006, slightly better than the net loss of $22.6 million, or $0.64 per share, for the prior-year period.

Research and development expenses for the quarter decreased $7.1 million to $7.6 million for the quarter, primarily due to the change in accounting.

Onyx recognized $100,000 in revenue for the quarter from its now discontinued therapeutic virus program and recorded no revenue for the three months ended Sept. 30, 2005.

As of Sept. 30, Onyx had cash, cash equivalents and total marketable securities of $218.2 million, compared to $284.7 million at Dec. 31, 2005.

For the nine months ended Sept. 30, Onyx recorded a net loss of $72.0 million, or $1.74 per share, compared with a net loss of $56.8 million, or $1.61 per share, for the same period in 2005.

Total operating expenses were $81.2 million for the nine month period, up $18.9 million from $62.3 million for the same period in 2005.

Onyx, in collaboration with Bayer Pharmaceuticals Corp., is developing Nexavar (sorafenib) tablets, an anti-cancer drug currently approved for the treatment of advanced kidney cancer in the United States and the European Union, as well as other territories.

Because Bayer recognizes all revenue from the sale of Nexavar, Onyx reported no revenue related to Nexavar for the quarter. Nexavar net revenue, as recorded by Bayer, was $45.4 million for the third-quarter 2006.

"With over $100 million in net revenue in the first nine months of 2006, we and Bayer have clearly established Nexavar as a valuable and important drug for the treatment of people with advanced kidney cancer," president and chief executive officer Hollings C. Renton said in a company news release. While we continue to execute commercially, we are also working to broaden Nexavar's clinical utility in other tumor types and are investing our considerable financial resources in a comprehensive development program to take full advantage of the global oncology franchise opportunity Nexavar represents."

Onyx is a biopharmaceutical company based in Emeryville, Calif.

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