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

0

GOOD

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:5/17/2013)... Darrington, WA (PRWEB) May 17, 2013 Tooth ... 5th graders showing active signs of the disease. The World ... children and nearly 100% of adults have cavities. What are ... Research is showing a strong connection between the oral ... why is this disease so rampant, yet it is also ...
(Date:5/16/2013)... 2013 ISPE announced ... CAE, to the newly created position of Vice ... Myers will be responsible for stimulating ISPE’s revenue ... advancing the Society’s Member-led and staff-driven business model, ... refine organizational, membership and product marketing. , “Barbara ...
(Date:5/16/2013)... In late 2012, Dr. Sarah Hart, of ... in China about Appearance Medicine . Although Dr. Hart ... first trip to lecture in China, and quite a different ... home to 12 and 7 million people respectively. Interest in ... this point in time. As Dr. Hart passed through the ...
(Date:5/16/2013)... Cambridge Healthtech Institute will host its ... at the Renaissance Waterfront Hotel in Boston, MA. ... look at the current strategies and innovations for optimizing ... Leaders in the field will reveal how their work ... greater specificity and efficiency. , “In this age of ...
Breaking Biology Technology:Seeing the Future: How a Revolutionary New Bacterial Screening Device Can Predict a Patient’s Future for Tooth Decay 2Seeing the Future: How a Revolutionary New Bacterial Screening Device Can Predict a Patient’s Future for Tooth Decay 3ISPE Names Barbara A. Myers, CAE, as Vice President of Professional Development 2The 2013 Bioprocessing Summit to Bring Together International Leaders to Discuss Today's Bioprocess Issues From Cell Line Selection to Manufacturing in Boston, MA 2
... , ... leading biopharma executives will discuss how Earned Value Management can improve control over clinical ... Annual Meeting in San Diego. , ... Chicago, IL (PRWEB) June 11, 2009 -- ClearTrial ( www.cleartrial.com ), ...
... 11 Medivation, Inc. (Nasdaq: MDVN ) ... patient enrollment in the CONNECTION study, a six-month, confirmatory, ... in patients with mild-to-moderate Alzheimer,s disease. , ... enrolled 598 patients, exceeding the enrollment target of 525 ...
... BioStorage Technologies, Inc., a worldwide provider of long- ... cold chain logistics, announced it will participate in ... Biorepositories Conference, September 21 to 23, 2009 in ... , Biorepositories 2009 is the only U.S.-based biobanking ...
Cached Biology Technology:ClearTrial Industry Expert to Lead Session at DIA Annual Meeting on Improving Accrual and Contract Management in Clinical Trials 2Medivation Completes Enrollment in Confirmatory, Pivotal Phase 3 'CONNECTION' Trial of Dimebon in Patients With Alzheimer's Disease 2Medivation Completes Enrollment in Confirmatory, Pivotal Phase 3 'CONNECTION' Trial of Dimebon in Patients With Alzheimer's Disease 3Medivation Completes Enrollment in Confirmatory, Pivotal Phase 3 'CONNECTION' Trial of Dimebon in Patients With Alzheimer's Disease 4BioStorage Technologies Takes Lead Sponsorship Role of 2nd Annual IIR Biorepositories Conference 2BioStorage Technologies Takes Lead Sponsorship Role of 2nd Annual IIR Biorepositories Conference 3
(Date:5/16/2013)... FASEB MARC (Maximizing Access to Research Careers) ... The Society for Developmental Biology (SDB) 72nd Annual ... These awards are meant to promote the entry ... into the mainstream of the basic science community ... at the SDB 2013 Annual Meeting. , Awards ...
(Date:5/16/2013)... MIT may someday eliminate the need for patients ... blood-sugar levels and inject themselves with insulin. , ... in the body and respond by secreting the ... of pancreatic islet cells, which are destroyed in ... of system could ensure that blood-sugar levels remain ...
(Date:5/16/2013)... SPARTANBURG, S.C. , May 16, 2013 /PRNewswire/ ... film in combination with a custom thin film ...  the highest forensic quality roll image in the ... market today. Sherlock, an Appendix F Mobile ID ... provides a 95% reduction in size and weight ...
Breaking Biology News(10 mins):Nanotechnology could help fight diabetes 2Nanotechnology could help fight diabetes 3
... indicates an increased risk for developing breast cancer can ... according to a new study featuring work from researchers ... and their colleagues. The multidisciplinary team found that ... more likely to be present in breast cancer patients ...
... AMES, Iowa Wind turbines in Midwestern farm fields ... turbine blades that generate renewable energy might also help corn ... off fungal infestations and improve their ability to extract growth-enhancing ... at the annual meeting of the American Geophysical Union, a ...
... nothing more powerful in a physician,s arsenal than early detection. ... remains a common and significant health problem in the United ... breast cancer in their lifetime and more than half of ... cure or effective therapeutic available. Using a new, powerful ...
Cached Biology News:Key information about breast cancer risk and development is found in 'junk' DNA 2Key information about breast cancer risk and development is found in 'junk' DNA 3Wind turbines may benefit crops 2Wind turbines may benefit crops 3Scientists discover powerful biomarker panel for the early detection of breast cancer 2Scientists discover powerful biomarker panel for the early detection of breast cancer 3
...
IHC detection kit for BrdU in cells and tissues...
The Hybrid Hunter Yeast Two-Hybrid System uses the activation of reporter genes to indicate positive protein-protein interactions. Two reporters are used an auxotrophic marker and lacZ....
Request Info...
Biology Products: