Navigation Links
Keryx Biopharmaceuticals, Inc. Announces Second Quarter 2011 Financial Results
Date:8/8/2011

NEW YORK, Aug. 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 life-threatening diseases, including cancer and renal disease (the "Company"), today announced its results for the second quarter ended June 30, 2011.

At June 30, 2011, the Company had cash, cash equivalents, interest receivable and investment securities of $52.5 million, as compared to $28.5 million at December 31, 2010. In May 2011, the Company completed an underwritten registered offering of common stock, which provided proceeds to the Company of approximately $30.8 million, net of underwriting discounts and offering expenses of approximately $2.2 million.  

The net loss for the second quarter ended June 30, 2011 was $3.1 million, or $0.05 per share, compared to a net loss of $5.2 million, or $0.09 per share, for the second quarter in 2010, representing a decrease in net loss of $2.1 million.  The three months ended June 30, 2011 included license revenue of $5.0 million related to a milestone payment from the Company's Japanese partner for Zerenex (ferric citrate), Japan Tobacco Inc. and Torii Pharmaceutical Co., Ltd., for their commencement of a Phase 3 clinical program of ferric citrate in Japan.  Other research and development expenses, for the second quarter ended June 30, 2011, increased by $3.2 million, as compared to the second quarter of 2010, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs.  The net loss for the second quarter ended June 30, 2011, included $0.5 million of non-cash compensation expense related to equity incentive grants.

The net loss for the six months ended June 30, 2011 was $9.5 million, or $0.15 per share, compared to a net loss of $9.2 million, or $0.16 per share, for the comparable period in 2010, representing an increase in net loss of $0.3 million.  The six months ended June 30, 2011 included the $5.0 million milestone payment discussed above. Other research and development expenses, for the six months ended June 30, 2011, increased by $5.2 million principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs.  The net loss for the six months ended June 30, 2011, included $1.1 million of non-cash compensation expense related to equity incentive grants.

Commenting on the quarter, Ron Bentsur, the Company's Chief Executive Officer, said, "During the quarter, we made significant progress in our Phase 3 programs.  With the announcement last week of completion of enrollment into our Perifosine Phase 3 program in advanced refractory colorectal cancer, we are only several months away from the completion of this important study.  On Zerenex, we were proud to have our Phase 3 short-term data presented in an oral presentation at the NKF annual meeting, as we continue to move forward with the long-term study."  Mr. Bentsur continued, "On the financial side, solidifying our balance sheet with the $33 million registered offering, we believe we are well capitalized to execute on our business plan."

The Company will host an investor conference call today, Monday, August 8, 2011, at 8:30am EDT, to discuss the Company's second quarter financial results and provide a business outlook for the remainder of 2011.

In order to participate in the conference call, please call 1-877-869-3847 (U.S.), 1-201-689-8261 (outside the U.S.), call-in ID: KERYX. The audio recording of the conference call will be available for replay at http://www.keryx.com, for a period of 15 days after the call.

ABOUT KERYX BIOPHARMACEUTICALS, INC.Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and renal disease. Keryx is developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, and also affects a number of other key signal transduction pathways, including the JNK pathway, all of which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 is currently in Phase 3 clinical development for both refractory advanced colorectal cancer and multiple myeloma, and in Phase 1 and 2 clinical development for several other tumor types. Each of the KRX-0401 Phase 3 studies is being conducted under a Special Protocol Assessment (SPA) agreement with the Food and Drug Administration (FDA). Keryx is also developing Zerenex (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. The Phase 3 clinical program of Zerenex in the treatment for hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease is being conducted pursuant to an SPA agreement with the FDA. Keryx is headquartered in New York City.

Cautionary StatementSome of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The factors that could cause our actual results to differ materially are identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at http://www.keryx.com. The information in our website is not incorporated by reference into this press release and is included as an inactive textual reference only.

KERYX CONTACT:
Lauren Fischer
Director – Investor Relations
Keryx Biopharmaceuticals, Inc.
Tel: 212.531.5965
E-mail: lfischer@keryx.com Keryx Biopharmaceuticals
, Inc.Selected Consolidated Financial Data(In Thousands, Except Share and Per Share Amounts)Statements of Operations Information (Unaudited):Three Months Ended
June 30,Six Months Ended
June 30,2011201020112010REVENUE:License revenue

$
5,000

$
--

$
5,000

$
--OPERATING EXPENSES:Research and development:Non-cash compensation

205

434

464

676Other research and development

6,295

3,129

10,913

5,683Total research and development

6,500

3,563

11,377

6,359General and administrative:Non-cash compensation

314

261

628

668Other general and administrative

1,404

1,356

2,688

2,254Total general and administrative

1,718

1,617

3,316

2,922TOTAL OPERATING EXPENSES8,218

5,180

14,693

9,281OPERATING LOSS(3,218)

(5,180)

(9,693)

(9,281)OTHER INCOME:Interest and other income, net

122

26

192

112NET LOSS$  (3,096)

$  (5,154)

$
(9,501)

$
(9,169)NET LOSS PER COMMON SHARE  
Basic and diluted net loss per common share

$
(0.05)

$
(0.09)

$
(0.15)

$
(0.16)SHARES USED IN COMPUTING NET LOSS PER COMMON SHAREBasic and diluted

66,286,615

58,426,995

63,931,209

57,658,247Balance Sheet Information:June 30, 2011December 31, 2010*(unaudited)Cash, cash equivalents, interest receivableand short-term investment securities

$
52,532$
28,512Total assets

56,38732,114Accumulated deficit

(351,265)(341,764)Stockholders' equity

46,98823,248* Condensed from audited financial statements.
'/>"/>

SOURCE Keryx Biopharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Keryx Biopharmaceuticals, Inc. to Host Conference Call on Second Quarter 2011 Financial Results
2. Keryx Biopharmaceuticals, Inc. Prices Common Stock Offering
3. Keryx Biopharmaceuticals Announces Commencement of Phase 3 Program of Ferric Citrate (Zerenex™) in Japan by Partner, Japan Tobacco and Torii Pharmaceutical
4. Keryx Biopharmaceuticals Announces Two Poster Presentations on KRX-0401 (Perifosine) at Upcoming American Association for Cancer Research (AACR) Annual Meeting
5. Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2010 Financial Results
6. Keryx Biopharmaceuticals, Inc. to Hold Conference Call on Fourth Quarter and Year End 2010 Financial Results on Wednesday, March 9, 2011 at 8:30 a.m. ET
7. Keryx Biopharmaceuticals Announces Oral Presentation of Final Zerenex™ Short-Term Phase 3 Data at the Upcoming National Kidney Foundations 2011 Spring Clinical Meetings
8. Keryx Biopharmaceuticals Announces Upcoming Corporate Presentations
9. Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2010 Financial Results
10. Keryx Biopharmaceuticals Announces Completion of Patient Enrollment In Zerenex Phase 3 Short-Term Study
11. Keryx Biopharmaceuticals to Present at BioCenturys NewsMakers in the Biotech Industry Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/22/2017)... February 22, 2017 The ... market are Olympus Corporation, Nikon Corporation, and Leica ... 75% in the overall market in 2015. The ... innovation through result-oriented research and development activities and ... to focus on expanding their business to emerging ...
(Date:2/22/2017)... 22, 2017 According to a new market ... SIMS, CUSCO), Application (Laparoscopy, Colposcopy, Hysteroscopy, D&C, Ablation, Biopsy), & End ... published by MarketsandMarkets, the global market is expected to reach USD ... a CAGR of 7.1% during the forecast period. ... ...
(Date:2/22/2017)... Fla. , Feb. 22, 2017  Corin Group ... System, a device used to treat patients with both ... of shoulder arthritis. The condition, known as cuff tear ... and shoulder. The Humelock Reversed Shoulder ... upper extremities technology company based near Lyon, ...
Breaking Medicine Technology:
(Date:2/22/2017)... ... 22, 2017 , ... In a recent article ... context (age, illness and life choices) should be dissociated from medical errors and ... In addition, all too often, studies regarding health system performance in other countries, ...
(Date:2/22/2017)... - NORTHERN CALIFORNIA (PRWEB) , ... February 22, ... ... to expand the pipeline and the number of African American/Black students who want ... students and residents to pursue their careers as physicians in the Oakland/San Francisco ...
(Date:2/21/2017)... ... February 21, 2017 , ... Tripp Lite, a world-leading ... extension cords that meet the most current standards. , The adoption by the ... National Fire Protection Association (NFPA) 101 – Life Safety Code (LSC) and NFPA ...
(Date:2/21/2017)... (PRWEB) , ... February 21, 2017 , ... As recently ... States according to the American Society of Plastic Surgeons. Some patients want to make ... functionality of their nose and improve their breathing ability. The team at usrhinoplasty.org ...
(Date:2/21/2017)... ... , ... Support of value-based care models requires collaboration across all facets of ... solutions, Fogo Data Centers announces the launch of the Fogo Partner Community™. , At ... in which all systems work well, work together, and work together well. In ...
Breaking Medicine News(10 mins):