Keryx to Host Investor Conference Call on Monday, August 11, 2008 at 8:30am
NEW YORK, Aug. 8 /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, today announced its results for the second quarter ended June 30, 2008.
At June 30, 2008, the Company had cash, cash equivalents, investment securities and interest receivable of $34.6 million, as compared to $64.7 million at December 31, 2007. Approximately $10.1 million of the Company's investments, at June 30, 2008, represent auction rate securities which are classified as long-term investments.
The net loss for the second quarter ended June 30, 2008 was $7,697,000, or $0.17 per share, compared to a net loss of $19,460,000, or $0.45 per share, for the comparable quarter in 2007, representing a decrease in net loss of $11,763,000. The decrease in net loss was primarily attributable to a $10,390,000 decrease in research and development expenses related to the cessation of the development of Sulonex in March 2008, an $852,000 decrease in expenses related to our other clinical compounds, a $567,000 decrease in non-cash compensation expense related to equity incentive grants, and a $309,000 decrease in other selling, general and administrative expenses, partially offset by a $926,000 decrease in interest and other income.
Commenting on the quarter, Michael S. Weiss, Keryx's Chairman and Chief Executive Officer, said, "During the second quarter, the Company efficiently completed the restructuring which was implemented at the end of the first quarter. We believe that the resulting organization, while lean, possesses the requisite strengths and capabilities necessary to expeditiously move Zerenex and Perifosine forward, as well as to assess additional opportunities which may enhance our product pipeline." Weiss continued, "With respect to our financial health, we expect our cash burn to be approximately $6 million to $8 million for the remaining six months of 2008, and intend to continue to focus our resources on creating value in our product portfolio."
On Monday, August 11, 2008, at 8:30am EDT, the Company will host an investor conference call during which they will provide a brief financial overview of the Company's second quarter financial results.
In order to participate in the conference call, please call 1-877-719-9788 (U.S.), 1-719-325-4769 (outside the U.S.), call-in ID: KERYX. The audio recording of the conference call will be available for replay at http://www.keryx.com, for a period of 15 days after the call.
ABOUT KERYX BIOPHARMACEUTICALS, INC.
Keryx Biopharmaceuticals is 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. Keryx is developing Zerenex(TM) (ferric citrate), an oral, iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. Zerenex is currently in Phase 2 clinical development for the treatment of hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease. The Company is also developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that modulates Akt, a protein in the body associated with tumor survival and growth. KRX-0401 also modulates a number of other key signal transduction pathways, including the JNK and MAPK pathways, which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 is currently in Phase 2 clinical development for multiple tumor types. The Company also has an in-licensing and acquisition program designed to identify and acquire additional drug candidates. Keryx is headquartered in New York City.
Some of the statements included in this press release may be
forward-looking statements that involve a number of risks and
uncertainties. For those statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Among the factors that could cause our
actual results to differ materially are the following: our ability to
complete cost-effective clinical trials or meet, as anticipated, the
development timelines for the drug candidates in our pipeline, including
Zerenex and KRX-0401; our ability to maintain the projected cash burn rate
while successfully completing our clinical trials; and other risk factors
identified from time to time in our reports filed with the Securities and
Exchange Commission. Any forward-looking statements set forth in this press
release speak only as of the date of this press release. We do not intend
to update any of these forward-looking statements to reflect events or
circumstances that occur after the date hereof. This press release and
prior releases are available at http://www.keryx.com. The information in
our website is not incorporated by reference into this press release and is
included as an inactive textual reference only.
Director - Investor Relations
Keryx Biopharmaceuticals, Inc.
Keryx Biopharmaceuticals, Inc.
Selected Consolidated Financial Data
(Thousands of Dollars, Except Share and Per Share Data)
Statements of Operations Information:
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
License revenue $ 327 $ -- $ 526 $ --
Diagnostic revenue -- 36 -- 66
Service revenue 62 14 62 26
TOTAL REVENUE 389 50 588 92
Cost of diagnostics sold -- 16 -- 38
Cost of services 14 30 14 62
Research and development:
Non-cash compensation 251 1,178 (729) 2,173
Other research and
development 4,243 15,685 35,071 33,131
Total research and
development 4,494 16,863 34,342 35,304
Selling, general and
Non-cash compensation 1,767 1,407 3,484 3,413
Other selling, general and
administrative 2,085 2,394 4,052 5,189
general and administrative 3,852 3,801 7,536 8,602
TOTAL OPERATING EXPENSES 8,360 20,710 41,892 44,006
OPERATING LOSS (7,971) (20,660) (41,304) (43,914)
Interest and other
income, net 274 1,200 (929) 2,641
NET LOSS $(7,697) (19,460) $(42,233) $(41,273)
NET LOSS PER COMMON SHARE
Basic and diluted $(0.17) $(0. 45) $(0.96) $(0.95)
SHARES USED IN COMPUTING
NET LOSS PER COMMON SHARE
Basic and diluted 44,095,873 43,556,475 43,906,974 43,531,495
Balance Sheet Information:
June 30, December 31,
Cash, cash equivalents, interest
receivable and short-term
investment securities $ 24,461 $ 62,386
Long-term investment securities 10,125 2,296
Total assets 39,351 81,061
Accumulated deficit (320,507) (278,274)
Stockholders' equity 5,166 44,422
* Condensed from audited financial statements.
|SOURCE Keryx Biopharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved