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Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2011 Financial Results
Date:11/2/2011

NEW YORK, Nov. 2, 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 third quarter ended September 30, 2011.

At September 30, 2011, the Company had cash, cash equivalents, interest receivable and investment securities of $47.2 million.  During the third quarter ended September 30, 2011, the Company received approximately $1.8 million in proceeds from the exercise of stock options.

The net loss for the third quarter ended September 30, 2011 was $10.2 million, or $0.15 per share, compared to a net loss of $5.8 million, or $0.10 per share, for the third quarter in 2010, representing an increase in net loss of $4.4 million.  Other research and development expenses for the third quarter ended September 30, 2011, increased by $4.7 million, as compared to the third quarter of 2010, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs.  The net loss for the third quarter ended September 30, 2011, included $0.5 million of non-cash compensation expense related to equity incentive grants.

The net loss for the nine months ended September 30, 2011 was $19.7 million, or $0.30 per share, compared to a net loss of $15.0 million, or $0.26 per share, for the comparable period in 2010, representing an increase in net loss of $4.7 million.  The nine months ended September 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 J
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