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

in research and development expenses related to the Zerenex clinical program.  The net loss for the fourth quarter ended December 31, 2012, included $0.5 million of non-cash compensation expense related to equity incentive grants.

The net loss for the year ended December 31, 2012, was $22.7 million, or $0.32 per share, compared to a net loss of $28.1 million, or $0.42 per share, for the year ended December 31, 2011, representing a decrease in net loss of $5.4 million.  The change in net loss in the year ended December 31, 2012, as compared to 2011, was primarily attributable to an $8.9 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 $2.5 million increase in research and development expenses related to the Zerenex clinical program.  The net loss for the year ended December 31, 2011, included license revenue of $5.0 million related to a milestone payment from JT and Torii for their commencement, in April 2011, of a Phase 3 clinical program in Japan.  The net loss for the year ended December 31, 2012, included a non-cash extraordinary gain of $2.6 million related to a write-off of the contingent equity rights liability following the termination of the license agreement for KRX-0401 in May 2012 and $2.2 million of non-cash compensation expense related to equity incentive grants. 

Ron Bentsur , the Company's Chief Executive Officer, commented, "In January, we reached a major milestone with the announcement of successful top-line results from the long-term Phase 3 study of Zerenex.  Following that announcement, we solidified our balance sheet with a substantial capital raise, allowing us to focus on the next key milestones for the Company, specifically, our pending U.S. New Drug Application and European Marketing Authorization Application filings and a potential launch for Zerenex in the middl
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