This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter And Year-End 2013 Financial Results

Stocks in this article: KERX

NEW YORK, March 12, 2014 (GLOBE NEWSWIRE) -- Keryx Biopharmaceuticals, Inc. (Nasdaq:KERX), a biopharmaceutical company focused on the acquisition, development and commercialization of pharmaceutical products for the treatment of renal disease (the "Company"), today announced its financial results for the fourth quarter and year ended December 31, 2013.

At December 31, 2013, the Company had cash and cash equivalents of $55.7 million, as compared to $14.7 million at December 31, 2012. In January 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. Subsequent to December 31, 2013, the Company completed another underwritten public offering of common stock, which provided proceeds to the Company of approximately $107.6 million, net of underwriting discounts and offering expenses of approximately $7.5 million, and also received a $10.0 million milestone payment from Japan Tobacco Inc. ("JT") and Torii Pharmaceutical Co., Ltd. ("Torii") related to the manufacturing and marketing approval of ferric citrate in Japan in January 2014 from the Japanese Ministry of Health, Labour and Welfare.

The net loss for the fourth quarter ended December 31, 2013 was $17.7 million, or $0.21 per share, compared to a net loss of $6.6 million, or $0.09 per share, for the comparable quarter in 2012, representing an increase in net loss of $11.1 million. For the fourth quarter ended December 31, 2013, other research and development expenses increased by $4.1 million, as compared to the fourth quarter of 2012, primarily related to the Company's Zerenex program, including costs associated with the preparation of our Marketing Authorization Application ("MAA") submission for Zerenex TM, and manufacturing of pre-launch inventory and capacity expansion. Other general and administrative expenses during the fourth quarter of 2013 increased by $3.5 million, as compared to the fourth quarter of 2012, primarily related to pre-commercial activities related to Zerenex. The three months ended December 31, 2013, included $4.0 million of non-cash compensation expense related to equity incentive grants.

The net loss for the year ended December 31, 2013, was $46.7 million, or $0.58 per share, compared to a net loss of $22.7 million, or $0.32 per share, for the year ended December 31, 2012, representing an increase in net loss of $24.0 million. In January 2013, the Company recorded license revenue of $7.0 million for a milestone payment received from its Japanese partner for Zerenex, JT and Torii, related to JT's January 2013 filing of a New Drug Application ("NDA") in Japan. For the year ended December 31, 2013, other research and development expenses increased by $13.0 million, as compared to the year ended December 31, 2012, primarily related to costs associated with the filing of our U.S. NDA, preparation of our MAA, and manufacturing of pre-launch inventory. Other general and administrative expenses for the year ended December 31, 2013, increased by $10.2 million, as compared to the year ended December 31, 2012, primarily related to pre-commercial activities related to Zerenex.  The net loss for the year ended December 31, 2012 included a non-cash extraordinary gain of $2.6 million related to a write-off of a contingent equity rights liability following the termination of the license agreement for KRX-0401, and a $1.5 million arbitration award, which was included in interest and other income, net, resulting from a FINRA arbitration against a broker-dealer registered with the Securities and Exchange Commission. The year ended December 31, 2013, included $6.0 million of non-cash compensation expense related to equity incentive grants.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs