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Keryx Biopharmaceuticals' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Factors that may affect Keryx Biopharmaceuticals’ operations include various risk factors and uncertainties that can be found in our SEC filings. This conference call is being recorded for audio rebroadcast on Keryx’s website, keryx.com, where it will be available for the next 15 days. All participants on this call will be in listen-only mode.

Now I’d like to briefly discuss the financial results for the second quarter ended June 30, 2012 as well as the Company’s overall financial condition. Our financial results were released yesterday evening and can be viewed on the Investor Information section of our website at keryx.com.

At June 30, 2012, the Company had cash, cash equivalents, interest receivable and investment securities of $27.2 million, as compared to $39.5 million at December 31, 2011. Of note, during the second quarter of 2012, we received an award of approximately $1.5 million after fees and legal expenses, resulting from a FINRA arbitration against a broker-dealer registered with the SEC.

The net loss for the second quarter ended June 30, 2012 was $1.5 million, or $0.02 per share, compared to a net loss of $3.1 million, or $0.05 per share for the comparable quarter in 2011, representing a decrease in net loss of $1.6 million. The second quarter ended June 30, 2012 included a non-cash extraordinary gain of $2.6 million related to the write-off of contingent equity rights liability following the termination of the license agreement for KRX-0401, and the $1.5 million arbitration award included in interest and other income, net, which I previously discussed.

Other research and development expenses for the second quarter ended June 30, 2012, decreased by $2.6 million, as compared to the second quarter of 2011, primarily related to the termination of the KRX-0401 clinical development program; the second quarter ended June 30, 2011, included license revenue of $5 million related to a milestone payment from our Japanese partner for Zerenex JT/Torii for their commencement in April 2011, of the Phase III clinical program in Japan.

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