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Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2010 Financial Results
Date:11/4/2010

NEW YORK, Nov. 4, 2010 /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, 2010.

At September 30, 2010, the Company had cash, cash equivalents, interest receivable and investment securities of $34.4 million, as compared to $31.7 million at June 30, 2010, and $35.9 million at December 31, 2009.  During the third quarter, the Company received approximately $5.7 million in net proceeds from the exercise of the remaining warrants from the Company's September 2009 registered direct offering.

The net loss for the third quarter ended September 30, 2010 was $5.8 million, or $0.10 per diluted share, compared to net income of $0.6 million, or $0.01 per diluted share, for the third quarter in 2009, representing a change in net (loss) income of $6.4 million.  The three months ended September 30, 2009 included $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.  The three months ended September 30, 2010 included a $2.2 million increase in research and development expenses related to KRX-0401 (perifosine) and Zerenex as compared to the comparable period last year, primarily related to the Company's ongoing Phase 3 clinical development programs.  The net loss for the third quarter ended September 30, 2010, included $0.6 million of non-cash compensation expense related to equity incentive grants.

The net loss for the nine months ended September 30, 2010 was $15.0 million, or $0.26 per diluted share
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SOURCE Keryx Biopharmaceuticals, Inc.
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