Navigation Links
Keryx Biopharmaceuticals Announces Implementation of Strategic Restructuring Plan
Date:4/4/2008

Plan includes refocusing of operations and workforce reduction

NEW YORK, April 4, 2008 /PRNewswire-FirstCall/ -- Keryx Biopharmaceuticals (Nasdaq: KERX) today announced that it is implementing a strategic restructuring plan to reduce its cash burn rate and re-focus its development efforts. The plan, which was prompted by the negative outcome of the Company's pivotal SUN-MICRO Phase 3 clinical trial of Sulonex(TM) (sulodexide) for the treatment of diabetic nephropathy, and subsequent decision by the Company to terminate the ongoing SUN-MACRO Phase 4 clinical trial, is intended to conserve the financial resources of the Company and enable it to focus its efforts on programs and opportunities that management believes are most likely to provide long-term shareholder value.

The Company anticipates that the restructuring, which includes a workforce reduction of approximately 50%, will reduce its cash burn rate to approximately $10 million to $15 million for the remainder of the year. Following the workforce reduction, the Company will have approximately 25 full and part-time employees.

The Company expects to end the first quarter of 2008 with approximately $50 million of cash, cash equivalents, investment securities, interest receivable and license receivable. Of the $50 million, approximately $12 million is invested in auction note securities, which have failed auctions in 2008. Accounts payable and accrued expenses as of the end of the first quarter is expected to total approximately $17 million, and is primarily related to the completion and shut-down of the Sulonex clinical program and restructuring costs.

Additional elements of the Company's strategic restructuring and corporate re-focusing will include, with
'/>"/>

SOURCE Keryx Biopharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Page: 1 2 3 4

Related biology technology :

1. Keryx Biopharmaceuticals to Present at the Cowen and Company 28th Annual Health Care Conference
2. Keryx Biopharmaceuticals Announces that SUN-MICRO Phase 3 Clinical Trial Fails to Meet Primary Efficacy Endpoint
3. Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2007 Financial Results
4. Keryx Biopharmaceuticals, Inc. to Hold Conference Call on Fourth Quarter and Year-End 2007 Financial Results on Monday, February 25, at 8:30 A.M. EST
5. Keryx Biopharmaceuticals Announces Additions to Management Team
6. Keryx Biopharmaceuticals Announces Upcoming Corporate Presentations
7. Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2007 Financial Results
8. Keryx Biopharmaceuticals, Inc. to Hold Conference Call on Third Quarter 2007 Financial Results on Thursday, October 25, at 8:30 A.M. EDT
9. Keryx Biopharmaceuticals, Inc. Enters into Licensing Agreement with Japan Tobacco and Torii Pharmaceutical for Development and Commercialization of Hyperphosphatemia Drug in Japan
10. Keryx Biopharmaceuticals, Inc. Announces Conference Call to Discuss Strategic Alliance
11. Keryx Biopharmaceuticals, Inc. Announces Appointment of Michael P. Tarnok to Board of Directors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/29/2015)... 29, 2015 Elsevier , ... products and services, today announced the highlights of its ... 2014 Journal Citation Reports® (JCR) published by Thomson Reuters, ... from 2013 to 2014, ahead of the aggregate across ... rank in 62 subject categories, up from 61 in ...
(Date:6/26/2015)... June 26, 2015  A San Francisco company, Pembient, ... with synthetic rhino horn: beer in China ... . In response to the emerging industry, two ... and sale of synthetic rhino horn.  ... Save the Rhino International (SRI) released a ...
(Date:6/26/2015)... The report "Biolubricants Market by ... fluids, Chainsaw oils, Mold Release Agents), End Use (Industrial, ... trends and Forecasts to 2020" published by MarketsandMarkets, The ... 2020 at a CAGR of 6.27% between 2015 and ... and   66 Figures spread through 170 Pages and ...
(Date:6/25/2015)... ... 25, 2015 , ... The American Brain Tumor Association announced ... Family Conference, Providing and Pursuing Answers: Advances in Research, Treatment and Care. The ... July 24-25, 2015. , “As advances in research accelerate the arrival of precision ...
Breaking Biology Technology:Elsevier Announces 2014 Citation Impact Highlights 2Elsevier Announces 2014 Citation Impact Highlights 3Rhino Experts Oppose Synthetic Rhino Horn as Solution to Poaching Crisis 2Biolubricants Market Worth $2,972.13 Million by 2020 2Biolubricants Market Worth $2,972.13 Million by 2020 3Nationally Recognized Brain Tumor Experts to Speak at American Brain Tumor Association Patient and Family Conference 2
... Optimer Pharmaceuticals, Inc. (Nasdaq: OPTR ) today announced ... phase 3 study at the 47th Annual Meeting of ... PA. , (Logo: http://www.newscom.com/cgi-bin/prnh/20090413/LA97352LOGO ) , ... Infectious Diseases, Chair of the Infection Prevention and Control ...
... ThermoGenesis Corp. (Nasdaq: KOOL ), a leading ... cells, announced today it will report financial results for the ... 5, 2009. , Company,s Conference Call and ... Thursday, November 5, 2009 at 2:00 PM Pacific (5:00 PM ...
... LAKE, N.J., Oct. 30 Eisai Inc. today announced ... with eribulin mesylate (E7389), discovered and developed by the ... cancer. , This global Phase III study, known as ... Versus E7389), was an open-label, randomized, parallel two-arm, multi-center ...
Cached Biology Technology:Additional Data From Fidaxomicin's Phase 3 Study for Clostridium Difficile Infection (CDI) Presented at IDSA Annual Meeting 2Additional Data From Fidaxomicin's Phase 3 Study for Clostridium Difficile Infection (CDI) Presented at IDSA Annual Meeting 3Additional Data From Fidaxomicin's Phase 3 Study for Clostridium Difficile Infection (CDI) Presented at IDSA Annual Meeting 4Thermogenesis Corp. to Announce First Quarter Fiscal 2010 Results on November 5, 2009 2Global Phase III Study Results Show Eribulin Meets Primary Endpoint of Overall Survival 2Global Phase III Study Results Show Eribulin Meets Primary Endpoint of Overall Survival 3Global Phase III Study Results Show Eribulin Meets Primary Endpoint of Overall Survival 4
(Date:6/17/2015)... 17, 2015  Crossmatch™, a leading provider of ... U.are.U ® 4500 fingerprint readers have been ... Inc., a San Jose, CA ... security, improve accountability and reduce fraud at the ... identity confirmation for employee sign in and transaction ...
(Date:6/16/2015)... YORK , June 16, 2015  With the ... world, security remains a top concern. The recent compromise ... confirms the need for strong authentication within government agencies. ... Token, a biometric one-time password (OTP) authenticator, has been ... Standards (FIPS) 140-2 Level 3 validation for tamper proofing. ...
(Date:6/16/2015)... 16, 2015 Fingerprint Cards (FPC) raises ... it will amount to at least 340 MSEK to that ... rapid increase in market growth and orders received the revenue ... that revenue for 2015 will exceed 1,500 MSEK to an ... 2,200 MSEK. Due to receipt of orders of ...
Breaking Biology News(10 mins):Togo's Eateries Improve Security and Accountability with Crossmatch Fingerprint Readers 2Togo's Eateries Improve Security and Accountability with Crossmatch Fingerprint Readers 3Government Ready Biometric Security Approaching as HYPR Corp. Files FIPS 140-2 Level 3 Validation for Its Proprietary Biometric Token 2Government Ready Biometric Security Approaching as HYPR Corp. Files FIPS 140-2 Level 3 Validation for Its Proprietary Biometric Token 3Fingerprint Cards Raises the Revenue Guidance for Q2 2015 and for the Full Year 2015 2Fingerprint Cards Raises the Revenue Guidance for Q2 2015 and for the Full Year 2015 3
... to the future of the oceans, suggests a new report ... 8th issue of Current Biology, a publication of Cell Press. ... first evidence that the health of the deep sea, as ... with the diversity of species living there. For the ...
... in the numbers of copies of genes, occur when ... stalls and then switches to a different genetic template, ... in a report that appears today in the journal ... Stalling and Template Switching, said Dr. James R. Lupski, ...
... research published online this week in the open-access journal ... the fruit fly, and comes to a surprising new ... on the presence of the Y chromosome, which is ... But other animal groups have evolved different systems. James ...
Cached Biology News:Deep-sea species' loss could lead to oceans' collapse, study suggests 2Copy number variation may stem from replication misstep 2Copy number variation may stem from replication misstep 3
Mol wt: monoisotopic mol wt1,045.5423 Da by calculation...
Bis-Acrylamide (bis) is a monomer used as a crosslinker with acrylamide to form polyacrylamide electrophoretic gels. This 2% bis solution is supplied as 500 ml....
Anti-human VEGFR-2/KDR (Protein-A Purified) Polyclonal Antibody...
Mouse monoclonal antibody to Lats2....
Biology Products: