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Keryx Biopharmaceuticals, Inc. Announces Second Quarter 2013 Financial Results

Stocks in this article: KERX

NEW YORK, July 31, 2013 (GLOBE NEWSWIRE) -- Keryx Biopharmaceuticals, Inc. (Nasdaq:KERX), a biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of renal disease (the "Company"), today announced its results for the second quarter ended June 30, 2013.

At June 30, 2013, the Company had cash, cash equivalents, interest receivable, and investment securities of $80.4 million, as compared to $14.7 million at December 31, 2012. On January 30, 2013, the Company completed an underwritten public offering of common stock, which provided proceeds to the Company of approximately $74.8 million, net of underwriting discounts and offering expenses of approximately $5.6 million. Also in January 2013, the Company received a $7.0 million milestone payment from its Japanese partner for Zerenex (ferric citrate), Japan Tobacco Inc. ("JT") and Torii Pharmaceutical Co., Ltd. ("Torii"), related to JT's January 2013 filing of a New Drug Application ("NDA") with the Japanese Ministry of Health, Labour and Welfare for marketing approval of ferric citrate in Japan for the treatment of hyperphosphatemia in patients with chronic kidney disease ("CKD").

The net loss for the second quarter ended June 30, 2013 was $11.4 million, or $0.14 per share, compared to a net loss of $1.5 million, or $0.02 per share, for the comparable quarter in 2012, representing an increase in net loss of $9.9 million. For the second quarter ended June 30, 2013, other research and development expenses increased by $3.2 million, as compared to the second quarter of 2012, primarily related to our Zerenex program, including the preparation of the NDA and Marketing Authorization Application ("MAA") filings, and other general and administrative expenses increased by $2.3 million, as compared to the second quarter of 2012, primarily related to pre-commercial activities related to Zerenex. The three months ended June 30, 2012 included a non-cash extraordinary gain of $2.6 million related to a write-off of the contingent equity rights liability following the termination of the license agreement for KRX-0401 (perifosine), and a $1.5 million arbitration award, included in interest and other income, net, resulting from a FINRA arbitration against a broker-dealer registered with the Securities and Exchange Commission. The three months ended June 30, 2013, included $0.6 million of non-cash compensation expense related to equity incentive grants.

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