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Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2008 Financial Results
Date:3/12/2009

Keryx to Host Investor Conference Call on Friday, March 13, 2009 at 8:30am EDT

NEW YORK, March 12 /PRNewswire-FirstCall/ -- Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX), a biopharmaceutical company 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 (the "Company"), today announced its results for the fourth quarter and year ended December 31, 2008.

At December 31, 2008, the Company had cash, cash equivalents, short-term investment securities and interest receivable of $15.5 million, as compared to $62.4 million at December 31, 2007. In addition, at December 31, 2008, the Company had $7.2 million of auction rate securities which are classified as long-term investments.

The net loss for the fourth quarter ended December 31, 2008 was $3,807,000, or $0.08 per share, compared to a net loss of $29,261,000, or $0.67 per share, for the comparable quarter in 2007, representing a decrease in net loss of $25,454,000. The decrease in net loss was primarily attributable to a $14,076,000 decrease in research and development expenses related to the cessation of the development of Sulonex in March 2008, a $7,013,000 and $2,735,000 decrease in research and development expenses related to KRX-0401 and Zerenex, respectively, a $1,385,000 decrease in other selling, general and administrative expenses, and a $562,000 decrease in non-cash compensation expense related to equity incentive grants, partially offset by a $1,011,000 decrease in interest and other income (expense), net.

The net loss for the year ended December 31, 2008 was $52,881,000, or $1.18 per share, compared to a net loss of $90,062,000, or $2.07 per share, for the year ended December 31, 2007, represe
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