Keryx Biopharmaceuticals reports net loss of $6.4 million for first quarter 2011

Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX), a biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and renal disease (the "Company"), today announced its results for the first quarter ended March 31, 2011.

At March 31, 2011, the Company had cash, cash equivalents and investment securities of $23.1 million, as compared to $28.5 million at December 31, 2010.  Subsequent to March 31, 2011, the Company received a $5.0 million milestone payment from its Japanese partner for Zerenex (ferric citrate), Japan Tobacco Inc. ("JT") and Torii Pharmaceutical Co., Ltd. ("Torii"), related to JT and Torii's commencement of a Phase 3 clinical program of ferric citrate in Japan.    

The net loss for the first quarter ended March 31, 2011, was $6.4 million, or $0.10 per share, compared to a net loss of $4.0 million, or $0.07 per share, for the comparable quarter in 2010, representing an increase in net loss of $2.4 million.  Other research and development expenses, for the first quarter ended March 31, 2011, increased by $2.1 million, as compared to the first quarter of 2010, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs.  The net loss for the first quarter ended March 31, 2011, included $0.6 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 first quarter, we continued to advance our compounds, perifosine and Zerenex, in Phase 3 development."  Ron Bentsur, continued, "We are focused on meeting the key clinical milestones that we have set out to achieve, while remaining operationally efficient with a well-controlled burn rate."