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Keryx Biopharmaceuticals, Inc. Announces Second Quarter 2008 Financial Results
Date:8/8/2008

Keryx to Host Investor Conference Call on Monday, August 11, 2008 at 8:30am

EDT

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 restruc
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SOURCE Keryx Biopharmaceuticals, Inc.
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