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 <
SOURCE Keryx Biopharmaceuticals, Inc.
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