Navigation Links
Keryx Biopharmaceuticals, Inc. Announces First Quarter 2013 Financial Results
Date:5/7/2013

NEW YORK, May 7, 2013 /PRNewswire/ -- Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX), a biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of renal disease (the "Company"), today announced its results for the first quarter ended March 31, 2013.

At March 31, 2013, the Company had cash and cash equivalents of $87.3 million, as compared to $14.7 million at December 31, 2012.  On January 30, 2013, the Company completed an underwritten public offering of common stock, which provided proceeds to the Company of approximately $74.8 million, net of underwriting discounts and offering expenses of approximately $5.6 million. Also in January 2013, the Company received a $7.0 million milestone payment from its Japanese partner for Zerenex (ferric citrate), Japan Tobacco Inc. ("JT") and Torii Pharmaceutical Co., Ltd. ("Torii"), related to JT's January 2013 filing of a New Drug Application ("NDA") with the Japanese Ministry of Health, Labour and Welfare for marketing approval of ferric citrate in Japan for the treatment of hyperphosphatemia in patients with chronic kidney disease ("CKD").

The net loss for the first quarter ended March 31, 2013 was $2.1 million, or $0.03 per share, compared to a net loss of $9.1 million, or $0.13 per share, for the comparable quarter in 2012, representing a decrease in net loss of $7.0 million.  In January 2013, the Company recorded license revenue of $7.0 million for the milestone payment received from its Japanese partner for Zerenex, JT & Torii, as discussed above. The net loss for the first quarter ended March 31, 2013, included $0.6 million of non-cash compensation expense related to equity incentive grants.

Commenting on the quarter, Ron Bentsur , the Company's Chief Executive Officer, said, "Following the announcement of top-line data, we are now focusing our efforts and resources toward the pending NDA and MAA submissions.  We are also progressing with the U.S. Phase 2 CKD study, for which we expect to report top-line data in the third quarter of 2013."

The Company will host an investor conference call tomorrow, Wednesday, May 8, 2013, at 8:30am EDT, to discuss the Company's first quarter financial results and provide a business outlook for the remainder of 2013.In order to participate in the conference call, please call 1-877-869-3847 (U.S.), 1-201-689-8261 (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 pharmaceutical products for the treatment of renal disease. Keryx is developing Zerenex (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. Keryx has completed a U.S.-based Phase 3 clinical program for Zerenex for the treatment of hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease, conducted pursuant to a Special Protocol Assessment (SPA) agreement with the FDA, and the New Drug Application filing with the FDA and the Marketing Authorization Application filing with the EMA are pending submission.  Zerenex is also in Phase 2 development in the U.S. for the management of phosphorus and iron deficiency in anemic patients with Stages 3 to 5 non-dialysis dependent chronic kidney disease.  In addition, Keryx's Japanese partner, Japan Tobacco Inc. and Torii Pharmaceutical Co., Ltd. has filed its New Drug Application for marketing approval of ferric citrate in Japan for the treatment of hyperphosphatemia in patients with chronic kidney disease.  Keryx is headquartered in New York City.

Cautionary StatementSome 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. The factors that could cause our actual results to differ materially are 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.
Tel: 212.531.5965
E-mail: lfischer@keryx.com

 Keryx Biopharmaceuticals, Inc.Selected Consolidated Financial Data(In Thousands, Except Share and Per Share Amounts)Statements of Operations Information (Unaudited):Three Months Ended March 31,20132012REVENUE:License revenue

$ 7,000

$ --OPERATING EXPENSES:Research and development:Non-cash compensation

191

278Other research and development

6,239

7,122Total research and development

6,430

7,400General and administrative:Non-cash compensation

390

368Other general and administrative

2,338

1,408Total general and administrative

2,728

1,776TOTAL OPERATING EXPENSES9,158

9,176OPERATING LOSS(2,158)

(9,176)OTHER INCOME:Interest and other income, net

103

62NET LOSS$ (2,055)

$ (9,114)NET LOSS PER COMMON SHAREBasic and diluted net loss per common share

$ (0.03)

$ (0.13)SHARES USED IN COMPUTING NET LOSS
PER COMMON SHAREBasic and diluted

77,990,094

71,225,006 Balance Sheet Information:March 31, 2013(unaudited)December 31, 2012*Cash and cash equivalents

$
87,343$
4,677Total assets

$
92,549$
8,569Accumulated deficit

$
(394,663)$
(392,608)Stockholders' equity

$
83,869$
,494* Condensed from audited financial statements.


'/>"/>
SOURCE Keryx Biopharmaceuticals, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Keryx Biopharmaceuticals Announces Appointment of Amit Sharma, M.D. as Vice President, Medical Affairs
2. Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2012 Financial Results
3. Keryx Biopharmaceuticals, Inc. To Host Conference Call on Fourth Quarter and Year-End 2012 Financial Results
4. Keryx Biopharmaceuticals to Present at the Citigroup 2013 Global Healthcare Conference
5. Keryx Biopharmaceuticals Announces Pricing of Public Offering of Common Stock
6. Keryx Biopharmaceuticals Announces $55 Million Proposed Public Offering of Common Stock
7. Keryx Biopharmaceuticals, Inc. To Host Conference Call on Third Quarter 2012 Financial Results
8. Keryx Biopharmaceuticals, Inc. To Host Conference Call on Second Quarter 2012 Financial Results
9. Keryx Biopharmaceuticals Announces Upcoming Poster Presentation of Zerenex™ (ferric citrate) at the 49th ERA-EDTA Congress
10. Keryx Biopharmaceuticals, Inc. Announces First Quarter 2012 Financial Results
11. Keryx Biopharmaceuticals, Inc. To Host Conference Call on First Quarter 2012 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/28/2017)... Elysium Health joins major pharmaceutical companies to ... Cambridge academic scientists through ... Institute today announces Elysium Health as a partner to the ... collaborative projects with academic researchers in Cambridge ... major research investment outside the U.S. for the ...
(Date:3/27/2017)... Summary This report provides all the information ... interests and activities since 2010. Description The Partnering Deals ... the partnering activity of one of the world,s leading life ... upon purchase to ensure inclusion of the most up to ... be delivered in PDF format within 1 working day of ...
(Date:3/27/2017)... , March 27, 2017  ImMAGE Biotherapeutics (OTCMKTS: ... immunotherapy successfully passed early toxicology and efficacy studies. The ... to target a specific protein, MAGE A, in an ... breast cancer. After 4 weeks of ... to show very little toxicity in a full toxicology ...
Breaking Medicine Technology:
(Date:3/28/2017)... ... March 28, 2017 , ... Calibration, qualification, and the ... results and maintaining GMP and USP compliance. In a new webinar from METTLER ... requirements " these requirements are explained. The challenge is to determine how ...
(Date:3/28/2017)... (PRWEB) , ... March 28, 2017 , ... With less ... from acne, access to quality care can be limited while the desire to conquer ... offers customized prescription acne care for every customer online, today released its inaugural survey ...
(Date:3/28/2017)... , ... March 28, 2017 , ... Columbus OH. Dr. ... as one of few medical professionals in the country to sit on the 2017 ... Juvly Aesthetics, in just 2 years Dr. Harper helped propel the clinic from a ...
(Date:3/28/2017)... ... March 28, 2017 , ... Public relations pros work ... a variety of business channels. , While many results are clear, much of PR ... program. , When it comes to measurement, firms should always take an all-inclusive ...
(Date:3/28/2017)... ... ... skin is a common and unwelcomed occurrence in people of all ages, genders and ethnicities. ... the discussion of dealing with excess skin oil. “Oily skin is a challenge to many ... help remove the oily shine while keeping the skin fresh and clean,” says Dr. Au. ...
Breaking Medicine News(10 mins):