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Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2012 Financial Results
Date:3/11/2013

NEW YORK, March 11, 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 fourth quarter and year ended December 31, 2012.

At December 31, 2012, the Company had cash, cash equivalents, interest receivable, and investment securities of $14.7 million, as compared to $39.5 million at December 31, 2011.  Subsequent to December 31, 2012, 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 subsequent to December 31, 2012, 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.

The net loss for the fourth quarter ended December 31, 2012 was $6.6 million, or $0.09 per share, compared to a net loss of $8.4 million, or $0.12 per share, for the comparable quarter in 2011, representing a decrease in net loss of $1.8 million.  The change in net loss in the fourth quarter of 2012, as compared to the fourth quarter of 2011, was primarily attributable to a $3.1 million decrease in research and development expenses due to the cessation of the development of KRX-0401 (perifosine) in May 2012, partially offset by a $1.3 million increase
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