Keryx to Host Investor Conference Call on Tuesday, November 11, 2008 at
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, while operating with a lean overhead structure." Weiss continued, "We expect our cash burn to be approximately $3 million for the remaining three months of 2008, and intend to continue to focus our resources on creating value in our product portfolio."
On Tuesday, November 11, 2008, at 8:30am EST, the Company will host an investor conference call during which they will provide a brief financial overview of the Company's third quarter financial results.
In order to participate in the conference call, please call 1-877-407-8289 (U.S.), 1-201-689-8341 (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.
KERYX CONTACT: Lauren Fischer
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 Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
License revenue $327 $41 $853 $41
Service revenue 41 11 103 37
TOTAL REVENUE 368 52 956 78
Cost of services 13 28 27 90
Research and development:
Non-cash compensation 334 735 (395) 2,908
Other research and
development 2,208 15,965 37,277 49,093
Total research and
development 2,542 16,700 36,882 52,001
Selling, general and administrative:
Non-cash compensation 1,662 1,780 5,146 5,193
Other selling, general
and administrative 2,284 2,062 6,249 6,531
administrative 3,946 3,842 11,395 11,724
TOTAL OPERATING EXPENSES 6,501 20,570 48,304 63,815
OPERATING LOSS (6,133) (20,518) (47,348) (63,737)
Interest and other
(expense) income, net (622) 1,017 (1,551) 3,658
LOSS FROM CONTINUING
OPERATIONS (6,755) (19,501) (48,899) (60,079)
Loss from discontinued
operations (86) (27) (175) (722)
NET LOSS $(6,841) $(19,528) $(49,074) $(60,801)
NET LOSS PER COMMON
operations $(0.15) $(0.45) $(1.11) $(1.38)
operations $(--) * $(--) * $(--) * $(0.02)
Basic and diluted net
loss per common share $(0.15) $(0.45) $(1.11) $(1.40)
SHARES USED IN COMPUTING
NET LOSS PER COMMON SHARE
diluted 45,222,053 43,619,523 44,348,537 43,561,160
Balance Sheet Information (unaudited):
September 30, December 31,
Cash, cash equivalents, interest receivable
and short-term investment securities $17,306 $62,386
Long-term investment securities 9,213 2,296
Total assets 30,702 81,061
Accumulated deficit (327,348) (278,274)
Stockholders' equity 321 44,422
* Amount less than one cent.
|SOURCE Keryx Biopharmaceuticals, Inc.|
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