The net loss for the six months ended June 30, 2012 was $10.6 million, or $0.15 per share, compared to a net loss of $9.5 million, or $0.15 per share, for the comparable period in 2011, representing an increase in net loss of $1.1 million. The six months ended June 30, 2012 included the $2.6 million non-cash extraordinary gain and the $1.5 million arbitration award I previously discussed. The six months ended June 30, 2011 included the $5 million milestone payment from JT/Torii.
As I discussed on the last conference call, on May 4, 2012, the Company executed a License Termination and Technology Transfer Agreement with Aeterna Zentaris, whereby the license agreement for KRX-0401 or perifosine was terminated, and in exchange for the transfer of the U.S. IND, development data, IP and contracts to Aeterna, Keryx will receive a royalty on future net sales if any, of perifosine in the U.S., Canada and Mexico. Zentaris has assumed all costs, related to the Perifosine program going forward.
In terms of our financial guidance for the remainder of 2012, we expect the cash burn rate to remain well control at approximately $4 million per quarter due to the pending completion of the Zerenex Phase III clinical program under the SPA in the fourth quarter of this year, and the preparation for our expected NDA filings in the first quarter of 2013. We believe that our financial position remains strong and that our cash will be sufficient to take us well beyond the potential NDA filings for Zerenex and hyperphosphatemia for dialysis patients.
I’ll now turn the call over to Ron.Ron BentsurThank you, James and good morning everybody. In the second quarter, all resources were allocated towards Zerenex, as we continue to focus on the pending completion of the long-term Phase III study and the anticipated NDA and MAA filings, which will follow suit.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV