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Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2011 Financial Results
Date:2/29/2012

NEW YORK, Feb. 29, 2012 /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 life-threatening diseases, including cancer and renal disease (the "Company"), today announced its results for the fourth quarter and year ended December 31, 2011.

At December 31, 2011, the Company had cash, cash equivalents, interest receivable, and investment securities of $39.5 million, as compared to $28.5 million at December 31, 2010.  

The net loss for the fourth quarter ended December 31, 2011 was $8.4 million, or $0.12 per share, compared to a net loss of $5.3 million, or $0.09 per share, for the comparable quarter in 2010, representing an increase in net loss of $3.1 million.  The change in net loss in the fourth quarter of 2011, as compared to the fourth quarter of 2010, was primarily attributable to a $2.5 million increase in other research and development expenses, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs.  The net loss for the fourth quarter ended December 31, 2011, included $0.5 million of non-cash compensation expense related to equity incentive grants.

The net loss for the year ended December 31, 2011, was $28.1 million, or $0.42 per share, compared to a net loss of $20.3 million, or $0.34 per share, for the year ended December 31, 2010, representing an increase in net loss of $7.8 million.  The change in net loss in the year ended December 31, 2011, as compared to 2010, was primarily attributable to a $12.5 million increase in other research and development expenses, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs, partially offset by $5.0 million of license revenue in the year ended December 31, 2011,
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SOURCE Keryx Biopharmaceuticals, Inc.
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