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Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2010 Financial Results
Date:3/8/2011

NEW YORK, March 8, 2011 /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 cancer and renal disease (the "Company"), today announced its results for the fourth quarter and year ended December 31, 2010.

At December 31, 2010, the Company had cash, cash equivalents, interest receivable, and investment securities of $28.5 million, as compared to $35.9 million at December 31, 2009.  

The net loss for the fourth quarter ended December 31, 2010 was $5.3 million, or $0.09 per share, compared to a net loss of $4.7 million, or $0.08 per share, for the comparable quarter in 2009, representing an increase in net loss of $0.6 million.  Other research and development expenses increased by $2.6 million, as compared to the fourth quarter of 2009, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs.  The fourth quarter of 2009 included a $1.5 million one-time research and development expense related to a terminated early-stage pipeline product candidate, which accounts for the net increase in other research and development expenses of $1.1 million as compared to the fourth quarter of 2009.

The net loss for the year ended December 31, 2010, was $20.3 million, or $0.34 per diluted share, compared to net income of $10.5 million, or $0.21 per diluted share, for the year ended December 31, 2009.  The change in net (loss) income was primarily attributable to a $21.6 million decrease in license revenue and a $3.6 million decrease in other revenue.  License revenue in the year ended December 31, 2009 was related to an amendment to the September 2007 sublicense agreement with Japan Tobacco Inc. and Torii Pharmaceutical Co., Ltd. (JT/Torii) which eliminated the C
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SOURCE Keryx Biopharmaceuticals, Inc.
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