Keryx Biopharmaceuticals (Nasdaq:KERX) (KERX) - Get Report has established a peptide laboratory in Jerusalem in its new headquarters. Until now, Keryx had no laboratory of its own, relying on outsourcing.
The company has invested $2.5 million in the 1,700 square meter laboratory so far, most of which is incorporated in 2001 financial results.
Director of Investor Relations Ron Bentsur said the company needed new space given that its 40 workers worked in 340 square meters. He declined to disclose the price per square meter at which Keryx made the deal for the new office and laboratory space.
Bentsur said that the new laboratory will save the company hundreds of thousands of dollars annually. He added that the new laboratory will provide the opportunity for scientists to brainstorm, increasing the company's intellectual property. He noted that no animal experiments are to take place at the laboratory, and Keryx will continue to rely on external entities for those purposes.
The laboratory includes equipment for cell testing, peptide synthesis, and advanced microscopes. A peptide is a compound of several amino acids.