UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2003
ONYX PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
| Delaware |
|
| (State or other jurisdiction of incorporation) |
|
0-28298 |
| 94-3154463 |
(Commission File No.) |
| (IRS Employer Identification No.) |
3031 Research Drive
Richmond, California 94806
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (510) 222-9700
ITEM 5. OTHER EVENTS
On January 27, 2003, Onyx Pharmaceuticals, Inc. announced that it is putting an increased priority on the development of BAY 43-9006, a novel small molecule anticancer compound in co-development with Bayer Corporation. In connection with this change in priority, Onyx is restructuring its operations and is discontinuing the clinical development of ONYX-015, a therapeutic virus product, pending the outcome of ongoing partnering discussions. Onyx will immediately halt all clinical studies of ONYX-015 for head and neck cancer, suspend all related manufacturing activity, and reduce staff by 25 percent. The press release issued by Onyx Pharmaceuticals, dated January 27, 2003, titled “Onyx Increases Development Focus on BAY 43-9006: Business Realignment to Reduce Burn Rate in 2003,” is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit Number |
| Description |
|
|
|
99.1 |
| Press Release titled “Onyx Increases Development Focus on BAY 43-9006: Business Realignment to Reduce Burn Rate in 2003,” dated January 27, 2003 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ONYX PHARMACEUTICALS, INC. | |
|
| |
|
| |
Dated: January 30, 2003 | By: | /s/ Hollings C. Renton |
|
| Hollings C. Renton |
|
| Chairman of the Board, |
|
| President and Chief Executive Officer |
|
| |
|
| |
Dated: January 30, 2003 | By: | /s/ Marilyn E. Wortzman |
|
| Marilyn E. Wortzman |
|
| Controller |
EXHIBIT INDEX
Number |
| Description |
|
|
|
99.1 |
| Press release titled “Onyx Increases Development Focus on BAY 43-9006: Business Realignment to Reduce Burn Rate in 2003,” dated January 27, 2003 |
