Navigation Links
Keryx Biopharmaceuticals, Inc. Announces First Quarter 2011 Financial Results

NEW YORK, April 29, 2011 /PRNewswire/ -- Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX), a biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and renal disease (the "Company"), today announced its results for the first quarter ended March 31, 2011.

At March 31, 2011, the Company had cash, cash equivalents and investment securities of $23.1 million, as compared to $28.5 million at December 31, 2010.  Subsequent to March 31, 2011, the Company received a $5.0 million milestone payment from its Japanese partner for Zerenex (ferric citrate), Japan Tobacco Inc. ("JT") and Torii Pharmaceutical Co., Ltd. ("Torii"), related to JT and Torii's commencement of a Phase 3 clinical program of ferric citrate in Japan.The net loss for the first quarter ended March 31, 2011, was $6.4 million, or $0.10 per share, compared to a net loss of $4.0 million, or $0.07 per share, for the comparable quarter in 2010, representing an increase in net loss of $2.4 million.  Other research and development expenses, for the first quarter ended March 31, 2011, increased by $2.1 million, as compared to the first quarter of 2010, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs.  The net loss for the first quarter ended March 31, 2011, included $0.6 million of non-cash compensation expense related to equity incentive grants.

Commenting on the quarter, Ron Bentsur, the Company's Chief Executive Officer, said, "During the first quarter, we continued to advance our compounds, perifosine and Zerenex, in Phase 3 development."  Ron Bentsur, continued, "We are focused on meeting the key clinical milestones that we have set out to achieve, while remaining operationally efficient with a well-controlled burn rate."

The Company will host an investor conference call Monday, May 2, 2011, at 8:30am EDT, to discuss the Company's first quarter financial results and provide a business outlook for the remainder of 2011.  

In order to participate in the conference call, please call 1-877-869-3847 (U.S.), 1-201-689-8261 (outside the U.S.), call-in ID: KERYX. The audio recording of the conference call will be available for replay at, 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 pharmaceutical products for the treatment of cancer and renal disease. Keryx is developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, and also affects a number of other key signal transduction pathways, including the JNK pathway, all of which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 has demonstrated both safety and clinical efficacy in several tumor types, both as a single agent and in combination with novel therapies. KRX-0401 is currently in Phase 3 clinical development for both refractory advanced colorectal cancer and multiple myeloma, and in Phase 1 and 2 clinical development for several other tumor types. Each of the KRX-0401 Phase 3 studies is being conducted under a Special Protocol Assessment (SPA) agreement with the Food and Drug Administration (FDA). Keryx is also developing Zerenex (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. The Phase 3 clinical program of Zerenex in the treatment for hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease is being conducted pursuant to an SPA agreement with the FDA. Keryx is headquartered in New York City.

Cautionary StatementSome of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The factors that could cause our actual results to differ materially are identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at The information in our website is not incorporated by reference into this press release and is included as an inactive textual reference only.

Lauren Fischer
Director – Investor Relations
Keryx Biopharmaceuticals, Inc.
Tel: 212.531.5965
E-mail: lfischer@keryx.comKeryx Biopharmaceuticals, Inc.Selected Consolidated Financial Data(In Thousands, Except Share and Per Share Amounts)Statements of Operations Information (Unaudited):Three Months Ended March 31,20112010OPERATING EXPENSES:Research and development:Non-cash compensation


242Other research and development


2,554Total research and development


2,796General and administrative:Non-cash compensation


407Other general and administrative


898Total general and administrative



4,101OPERATING LOSS(6,475)

(4,101)OTHER INCOME:Interest and other income, net


86NET LOSS$  (6,405)

$  (4,015)NET LOSS PER COMMON SHAREBasic and diluted net loss per common share



PER COMMON SHAREBasic and diluted


56,880,953Balance Sheet Information:March 31, 2011December 31, 2010*(unaudited)Cash, cash equivalents and short-term investment securities

28,512Total assets

26,66332,114Accumulated deficit

(348,169)(341,764)Stockholders' equity

17,41623,248* Condensed from audited financial statements.

SOURCE Keryx Biopharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Keryx Biopharmaceuticals, Inc. to Hold Conference Call on Second Quarter 2008 Financial Results on Monday, August 11, at 8:30 A.M. EDT
2. Keryx Biopharmaceuticals Notified that Nasdaq Has Extended Minimum Bid Price Rule Compliance Period
3. Keryx Biopharmaceuticals to Present at the J.P. Morgan 27th Annual Healthcare Conference
4. Keryx Biopharmaceuticals Inc. Announces Receipt of Nasdaq Delisting Notification
5. Keryx Biopharmaceuticals, Inc. to Hold Conference Call on Fourth Quarter and Year-End 2008 Financial Results on Friday, March 13, 2009 at 8:30am EDT
6. Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2008 Financial Results
7. Keryx Biopharmaceuticals Presents Encouraging Preclinical Data at Annual Meeting of the American Association of Cancer Research
8. Keryx Biopharmaceuticals, Inc. Announces Michael P. Tarnok as Interim Chairman and Chief Executive Officer
9. Keryx Biopharmaceuticals, Inc. to Hold Conference Call on First Quarter 2009 Financial Results on Thursday, May 14, 2009 at 8:30am EDT
10. Keryx Biopharmaceuticals Announces Poster Presentations Highlighting Clinical Activity of KRX-0401 (Perifosine) at the Upcoming Annual Meeting of the American Society of Clinical Oncology
11. Keryx Biopharmaceuticals Announces Appointment of Ron Bentsur as Chief Executive Officer
Post Your Comments:
(Date:6/23/2016)... ... June 23, 2016 , ... Charm ... Mold) microbial test has received AOAC Research Institute approval 061601. , “This is ... last year,” stated Bob Salter, Vice President of Regulatory and Industrial Affairs. “The ...
(Date:6/23/2016)... June, 23, 2016  The Biodesign Challenge (BDC), a ... ways to harness living systems and biotechnology, announced its ... in New York City . ... students, showcased projects at MoMA,s Celeste Bartos Theater during ... , MoMA,s senior curator of architecture and design, and ...
(Date:6/23/2016)... ... , ... Supplyframe, the Industry Network for electronics hardware design ... Located in Pasadena, Calif., the Design Lab’s mission is to bring together inventors ... and brought to market. , The Design Lab is Supplyframe’s physical representation of ...
(Date:6/23/2016)... ... June 23, 2016 , ... In a new case report ... detail how a patient who developed lymphedema after being treated for breast cancer benefitted ... change the paradigm for dealing with this debilitating, frequent side effect of cancer treatment. ...
Breaking Biology Technology:
(Date:5/16/2016)... May 16, 2016   EyeLock LLC , a ... the opening of an IoT Center of Excellence in ... expand the development of embedded iris biometric applications. ... of convenience and security with unmatched biometric accuracy, making ... aside from DNA. EyeLock,s platform uses video technology to ...
(Date:5/9/2016)... , UAE, May 9, 2016 ... it comes to expanding freedom for high net worth ... Even in today,s globally connected world, there is still ... system could ever duplicate sealing your deal with a ... second passports by taking advantage of citizenship via investment ...
(Date:4/28/2016)... FRANCISCO and BANGALORE, India , ... of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: ... provider, today announced a global partnership that will ... way to use mobile banking and payment services. ... is a key innovation area for financial services, but it ...
Breaking Biology News(10 mins):