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Keryx Biopharmaceuticals, Inc. Announces First Quarter 2008 Financial Results
Date:5/9/2008

stock previously issued to our President, whose employment was terminated as part of our restructuring. The increase in net loss also included a $1,811,000 impairment charge related to our investments in auction rate securities due to their current lack of liquidity.

Commenting on the quarter, Michael S. Weiss, Keryx's Chairman and Chief Executive Officer, said, "The first quarter of 2008 has been the most challenging one for the Company since I joined back in 2002. However, with the restructuring now substantially complete, I believe that Keryx is now well-positioned to move Zerenex and Perifosine forward through advanced clinical development." Weiss continued, "On the financial side, with respect to our strategic licensing arrangement for Zerenex in Japan, the Company has received an additional $8 million milestone payment from JT/Torii and, coupled with our existing cash resources and reduced overhead structure, we believe that we are well-positioned to focus our resources on creating value in our drug candidates."

On Monday, May 12, 2008, at 8:30am EDT, the Company will host an investor conference call to provide a brief financial overview of the Company's first quarter financial results.

In order to participate in the conference call, please call 1-800-723-6575 (U.S.), 1-785-830-1997 (outside the U.S.), call-in ID: KERYX. The audio recording of the conference call will be available for replay at http://www.keryx.com, for a period of 15 days after the call.

ABOUT KERYX BIOPHARMACEUTICALS, INC.

Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important, novel pharmaceutical products for the treatment of life-threatening diseases, including renal disease and cancer. Keryx is developing Zerenex(TM) (ferric citrate), an oral, iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. Zerenex
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SOURCE Keryx Biopharmaceuticals, Inc.
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