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 $9.2 million, or $0.16 per share, for the comparable period in 2010, representing an increase in net loss of $0.3 million. The six months ended June 30, 2011 included the $5.0 million milestone payment discussed above. Other research and development expenses, for the six months ended June 30, 2011, increased by $5.2 million principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs. The net loss for the six months ended June 30, 2011, included $1.1 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 quarter, we made significant progress in our Phase 3 programs. With the announcement last week of completion of enrollment into our Perifosine Phase 3 program in advanced refractory colorectal cancer, we are only several months away from the completion of this important study. On Zerenex, we were proud to have our Phase 3 short-term data presented in an oral presentation at the NKF annual meeting, as we continue to move forward with the long-term study." Mr. Bentsur continued, "On the financial side, solidifying our balance sheet with the $33 million registered offering, we believe we are well capitalized to execute on our business plan."
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