EMERYVILLE, Calif., Oct. 4 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals,
Inc. (Nasdaq: ONXX) today announced that Hollings C. Renton, the company's
chief executive officer, plans to retire next year. Renton, 60, will remain
chairman of the board of directors. As a result of his decision, the company
is initiating a search for a successor. The company also announced the
promotion of Laura A. Brege to the newly created position of executive vice
president & chief operating officer and Randy A. Kelley to senior vice
president of sales and marketing.
"With Nexavar established as an effective and well tolerated anti-cancer
drug and with broad development and commercial plans in place, Onyx is poised
to enter a new phase of corporate growth," said Renton. "After almost 15
years as CEO, it's the perfect time for me to relinquish my operating role so
I can spend more time with my family. I am committed to the company and its
continued success, and will remain closely involved until a successor is
appointed, and subsequently as chairman."
Brege joined Onyx in June 2006 as executive vice president & chief
business officer. In her new role as executive vice president & chief
operating officer, Brege will be responsible for the sales and marketing,
medical affairs, legal, business development, and compliance functions. Since
arriving at Onyx, Brege has overseen the expansion of key corporate
capabilities and strengthened Onyx's financial position by significantly
adding to its cash reserves. Before joining Onyx, Brege was a general partner
at Red Rock Management, a venture capital firm. Prior to Red Rock, she was
the senior vice president and chief financial officer at COR Therapeutics.
Earlier in her career, Brege served as vice president and chief financial
officer at Flextronics and vice president and treasurer of The Cooper
Companies. Brege earned her undergraduate degree from Ohio University and has
an MBA from the University of Chicago. Brege serves on the boards of
Angiotech Pharmaceuticals, Inc. and The Ohio University Foundation.
"Since her arrival at Onyx, Laura has overseen the expansion of key
corporate capabilities, guided our business planning, and strengthened our
financial position," said Renton. "Laura's superb leadership skills and
diverse experience will help ensure Onyx continues to deliver on our mission
to improve the lives of people living with cancer."
Kelley, previously vice president of sales, joined Onyx in September 2004.
While at Onyx, Kelley established its U.S. sales organization and managed,
with the company's collaborator, Bayer, the successful launch of Nexavar, a
targeted oncology agent approved for the treatment of advanced kidney cancer.
From 1994 to 2004, Kelley served in various senior sales and marketing
positions at Chiron Corporation, including vice president, North American
sales for the company's biopharmaceutical division. Previously Kelley was
vice president of sales at Immunex Corporation and held various sales
management positions at Adria Laboratories. Kelley earned his B.A. from the
University of the Pacific. He is a member of the Board of Directors of the
William S. Graham Foundation for Melanoma Research.
"As a veteran oncology executive, Randy moved swiftly to build Onyx's
commercial infrastructure from the ground up," said Renton. "Randy's
dedication, team-building skills, and commitment to performance will be
instrumental in driving Nexavar's planned commercial launch in liver cancer
About Onyx Pharmaceuticals, Inc.
Onyx Pharmaceuticals, Inc. is a biopharmaceutical company developing
innovative therapies that target the molecular mechanisms that cause cancer.
The company is commercializing and developing Nexavar(R), a small molecule
drug, with Bayer HealthCare Pharmaceuticals Inc. Nexavar has been approved
for the treatment of advanced kidney cancer. For more information about
Onyx's pipeline and activities, visit the company's website at:
Nexavar(R) (sorafenib) tablets is a registered trademark of Bayer
HealthCare Pharmaceuticals Inc.
This news release contains "forward-looking statements" within the meaning
of the federal securities laws. These forward-looking statements include,
without limitation, statements regarding the planned commercial launch of
Nexavar as a treatment for liver cancer and the anticipated contributions of
Onyx's management team. These statements are subject to risks and
uncertainties that could cause actual results and events to differ materially
from those anticipated. These risks and uncertainties include, without
limitation, the risks (i) that Nexavar may never be approved for use in liver
cancer or that its approval may be significantly delayed, and (ii) that we
depend upon our collaborative relationship with Bayer to manufacture and to
further develop and commercialize Nexavar. These and other risk factors are
discussed under "Risk Factors" in Onyx's Annual Report on Form 10-K for the
year ended December 31, 2006, as well as Onyx's subsequent quarterly reports
on Form 10-Q, filed with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking statements that
speak only as of the date of this release. Onyx undertakes no obligation to
update publicly any forward-looking statements to reflect new information,
events, or circumstances after the date of this release except as required by
SOURCE Onyx Pharmaceuticals, Inc.
Julie Wood, Vice President, Investor Relations of Onyx Pharmaceuticals, Inc.,
-0- Oct/04/2007 11:00 GMT
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