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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 $
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SOURCE Keryx Biopharmaceuticals, Inc.
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