Keryx reports shrinking Q3 loss

Says its KRX-101 for kidney disease has been fast-tracked by FDA
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Drug company Keryx Biopharmaceuticals (Nasdaq:KERX, AIM:KRX) today announced third-quarter net loss of $1.3 million, or 7 cents per share, compared with losing $2.8 million or 17 cents per share in the parallel quarter of 2000.

Net of non-cash compensation, its third-quarter loss increased by $1.5 million, the company says.

Its cash and cash equivalents stood at $41.7 million at the end of the third quarter, compared with $48.9 million at the end of 2000.

The company does not sell yet and has no revenues.

Keryx has developed a proprietary drug discovery platform called KinAce. It is also developing a sulodexide drug called KRX-101, which has reached late-stage clinical development for the treatment of diabetic nephropathy (kidney disease).

The company is also working on building a pipeline of drug candidates that target protein kinases, a family of enzymes. Its most advanced drug candidate, KRX-123, part of its oncology program, is in pre-clinical development for hormone resistant prostate cancer, the company says.

Chairman and chief executive Morris Laster said that during the third quarter, the United States Food & Drug Administration granted KRX-101 Fast-Track status.

Keryx, with a staff of 54 people, operates out of Jerusalem and Cambridge, Massachusetts.