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Keryx Biopharmaceuticals, Inc. Announces First Quarter 2009 Financial Results
Date:5/13/2009

Keryx to Host Investor Conference Call on Thursday, May 14, 2009 at 8:30am EDT

NEW YORK, May 13 /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 first quarter ended March 31, 2009.

At March 31, 2009, the Company had cash, cash equivalents, short-term investment securities and interest receivable of $15.4 million, as compared to $15.5 million at December 31, 2008. In addition, at March 31, 2009, the Company had $7.1 million of auction rate securities which are classified as long-term investments.

The net income for the first quarter ended March 31, 2009 was $451,000, or $0.01 per share, compared to a net loss of $34,536,000, or $0.79 per share, for the first quarter in 2008. The change in net income (loss) was primarily attributable to a $25,894,000 decrease in research and development expenses related to the cessation of the development of Sulonex in March 2008, a $2,671,000 and $344,000 decrease in research and development expenses related to KRX-0401 and Zerenex, respectively, a $3,128,000 increase in license revenue as a result of a $3.0 million milestone payment from JT/Torii, a $1,310,000 increase in interest and other income (expense), net, and an $846,000 decrease in other selling, general and administrative expenses.

Commenting on the quarter, Michael P. Tarnok, the Company's Interim Chairman and Chief Executive Officer, remarked, "We are pleased that the development of Zerenex in Japan continues on schedule and earned us a $3 million milestone payment from JT/Torii, our Japanese partne
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SOURCE Keryx Biopharmaceuticals, Inc.
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