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Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2012 Financial Results
Date:11/7/2012

NEW YORK, Nov. 7, 2012 /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 renal disease (the "Company"), today announced its results for the third quarter ended September 30, 2012.

At September 30, 2012, the Company had cash, cash equivalents, interest receivable, and investment securities of $20.2 million, as compared to $39.5 million at December 31, 2011. 

The net loss for the quarter ended September 30, 2012 was $5.5 million, or $0.08 per share, compared to a net loss of $10.2 million, or $0.15 per share, for the comparable quarter in 2011, representing a decrease in net loss of $4.7 million.  Other research and development expenses for the third quarter ended September 30, 2012 decreased by $4.9 million, as compared to the third quarter of 2011, principally related to the termination of the KRX-0401 (perifosine) Phase 3 clinical development program in May 2012.  The net loss for the third quarter ended September 30, 2012 included $0.5 million of non-cash compensation expense related to equity incentive grants.

The net loss for the nine months ended September 30, 2012 was $16.1 million, or $0.22 per share, compared to a net loss of $19.7 million, or $0.30 per share, for the comparable period in 2011, representing a decrease in net loss of $3.6 million.  Other research and development expenses for the nine months ended September 30, 2012, decreased by $4.9 million, as compared to the comparable period in 2011, principally related to the termination of the KRX-0401 (perifosine) Phase 3 clinical development program in May 2012.  The net loss for the nine months ended September 30, 2012, included a non-cash extraordinary gain of $2.6 million related to a write-off o
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SOURCE Keryx Biopharmaceuticals, Inc.
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