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Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2009 Financial Results
Date:11/9/2009

NEW YORK, Nov. 9 /PRNewswire-FirstCall/ -- 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 third quarter ended September 30, 2009.

At September 30, 2009, the Company had cash, cash equivalents, interest receivable and investment securities of $41.0 million, as compared to $22.7 million at December 31, 2008. On September 30, 2009, the Company completed a $20.0 million registered direct offering of common stock and warrants, which provided proceeds to the Company of approximately $18.4 million, net of offering costs of approximately $1.6 million which were paid subsequent to September 30, 2009.

The net income for the third quarter ended September 30, 2009, was $0.6 million, or $0.01 per diluted share, compared to a net loss of $6.8 million, or $0.15 per diluted share, for the third quarter in 2008. The change in net income (loss) was primarily attributable to the recognition of $3.5 million in other revenue, related to the settlement of a dispute with the former licensor of Sulonex (sulodexide), in July 2009, over issues arising from the terminated license agreement, a $1.4 million decrease in other selling, general and administrative expenses, and a $1.4 million decrease in non-cash compensation expense related to equity grants.

The net income for the nine months ended September 30, 2009, was $15.1 million, or $0.31 per diluted share, compared to a net loss of $49.1 million, or $1.11 per diluted share, for the comparable period in 2008. The change in net income (loss) was primarily attributable to a $26.9 million decrease in research and developm
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