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:7/14/2017)... , July 13, 2017 It should come ... States is in the midst of a crippling ... , since 1999, the number of overdose deaths from opiate-based ... in over half a million dead from 2001 to 2015". ... oxycodone, and hydrocodone has similarly quadrupled, drawing a compelling link ...
(Date:7/12/2017)... , July 12, 2017  Eli Lilly and Company (NYSE: ... with generic companies to resolve pending patent litigation in the ... Virginia regarding the Cialis ® (tadalafil) unit ... April 26, 2020. As part of the agreement, Cialis exclusivity ... 27, 2018. "The unit dose patent for Cialis ...
(Date:7/11/2017)... SARASOTA, Fla. , July 11, 2017  Dr. Echenberg, founder of ... Dilator therapy program to patients who suffer from painful intercourse and other ... vaginismus and vaginal atrophy due to menopause. ... VuVatech LLC ... Dilators , created by Sarasota, Florida -based start-up company, ...
Breaking Medicine Technology:
(Date:7/26/2017)... Washington, DC (PRWEB) , ... July 26, 2017 ... ... Arise Infusion is pleased to now offer a major advancement in drug therapy ... their lives. Ocrevus (pronounced Ah-creh-vus) is a novel B cell targeted therapy ...
(Date:7/26/2017)... Yorba Linda, Ca (PRWEB) , ... July 26, 2017 , ... ... of optimize lyophilization processes. Inconsistent results freeze drying samples and a lengthy freeze dry ... , This webinar will discuss freeze drying techniques, as well as new accessories and ...
(Date:7/26/2017)... ... July 26, 2017 , ... ... host its 2017 Process Validation and Process Validation Statistics Conferences in Bethesda, ... process validation lifecycle challenges faced by process validation professionals and statisticians today. ...
(Date:7/26/2017)... ... ... Team Type 1 Foundation, a nonprofit organization pursuing a global mission of education, ... announce the 106 college athletes with type 1 diabetes who will receive scholarships as ... 1 Foundation has bestowed a total of 271 college scholarships to athletes with type ...
(Date:7/26/2017)... ... July 26, 2017 , ... IDC-Eating Disorder Care ... the treatment program located in Royal Oak, Michigan. IDC, formerly known as ... focused on providing the highest standards in the field of eating disorder treatment in ...
Breaking Medicine News(10 mins):