Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2008 Financi...( Keryx to Host Investor Conference C...),Health

Keryx to Host Investor Conference Call on Tuesday, November 11, 2008 at

8:30am EST

NEW YORK, Nov. 10 /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 third quarter ended September 30, 2008.

At September 30, 2008, the Company had cash, cash equivalents, investment securities and interest receivable of $26.5 million, as compared to $64.7 million at December 31, 2007. Approximately $9.2 million of the Company's investments, at September 30, 2008, represent auction rate securities, which are classified as long-term investments.

The net loss for the third quarter ended September 30, 2008 was $6,841,000, or $0.15 per share, compared to a net loss of $19,528,000, or $0.45 per share, for the comparable quarter in 2007, representing a decrease in net loss of $12,687,000. The decrease in net loss was primarily attributable to a $11,699,000 decrease in research and development expenses related to the cessation of the development of Sulonex in March 2008, a $1,860,000 decrease in expenses related to our other clinical compounds, and a $519,000 decrease in non-cash compensation expense related to equity incentive grants, partially offset by a $1,639,000 decrease in interest and other income (expense), net.

Commenting on the quarter, Michael S. Weiss, Keryx's Chairman and Chief Executive Officer, said, "During the third quarter, we continued to make progress in our Zerenex and Perifosine clinical programs, whi
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