NEW YORK, Feb. 29, 2012 /PRNewswire/ -- Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX), a biopharmaceutical company focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of life-threatening diseases, including cancer and renal disease (the “Company”), today announced its results for the fourth quarter and year ended December 31, 2011.
At December 31, 2011, the Company had cash, cash equivalents, interest receivable, and investment securities of $39.5 million, as compared to $28.5 million at December 31, 2010.
The net loss for the fourth quarter ended December 31, 2011 was $8.4 million, or $0.12 per share, compared to a net loss of $5.3 million, or $0.09 per share, for the comparable quarter in 2010, representing an increase in net loss of $3.1 million. The change in net loss in the fourth quarter of 2011, as compared to the fourth quarter of 2010, was primarily attributable to a $2.5 million increase in other research and development expenses, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs. The net loss for the fourth quarter ended December 31, 2011, included $0.5 million of non-cash compensation expense related to equity incentive grants.
The net loss for the year ended December 31, 2011, was $28.1 million, or $0.42 per share, compared to a net loss of $20.3 million, or $0.34 per share, for the year ended December 31, 2010, representing an increase in net loss of $7.8 million. The change in net loss in the year ended December 31, 2011, as compared to 2010, was primarily attributable to a $12.5 million increase in other research and development expenses, principally related to the KRX-0401 (perifosine) and Zerenex Phase 3 clinical programs, partially offset by $5.0 million of license revenue in the year ended December 31, 2011, related to a milestone payment from the Company’s Japanese partner for Zerenex (ferric citrate), Japan Tobacco Inc. and Torii Pharmaceutical Co., Ltd., for their commencement, in April 2011, of a Phase 3 clinical program in Japan. The net loss for the year ended December 31, 2011, included $2.1 million of non-cash compensation expense related to equity incentive grants.
Ron Bentsur, the Company’s Chief Executive Officer, commented, “During the fourth quarter of 2011, we remained focused on our three ongoing Phase 3 studies. With the completion of our Perifosine Phase 3 study in metastatic colorectal cancer expected in March, we look forward to the top-line data release within several weeks thereafter. With respect to Zerenex, we remain on track to complete our long-term Phase 3 study in the fourth quarter of 2012.” Mr. Bentsur added, “As we approach these important clinical data events, our financial position remains strong and we believe that we have sufficient capital to reach our key milestones.”
The Company will host an investor conference call tomorrow, Thursday, March 1, 2012, at 8:30am EST, to discuss the Company’s fourth quarter and year-end 2011 financial results and provide a business outlook for 2012.
In order to participate in the conference call, please call 1-877-869-3847 (U.S.), 1-201-689-8261 (outside the U.S.), call-in ID: KERYX. The audio recording of the conference call will be available for replay at http://www.keryx.com, for a period of 15 days after the call.
ABOUT KERYX BIOPHARMACEUTICALS, INC.
Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and renal disease. Keryx is developing KRX-0401 (perifosine), a novel, potentially first-in-class, oral anti-cancer agent that inhibits Akt activation in the phosphoinositide 3-kinase (PI3K) pathway, and also affects a number of other key signal transduction pathways, including the JNK pathway, all of which are pathways associated with programmed cell death, cell growth, cell differentiation and cell survival. KRX-0401 is currently in Phase 3 clinical development for both refractory advanced colorectal cancer and multiple myeloma, and in Phase 1 and 2 clinical development for several other tumor types. Each of the KRX-0401 Phase 3 studies is being conducted under a Special Protocol Assessment (SPA) agreement with the FDA. Keryx is also developing Zerenex (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate and form non-absorbable complexes. The Phase 3 clinical program of Zerenex for the treatment of hyperphosphatemia (elevated phosphate levels) in patients with end-stage renal disease is being conducted pursuant to an SPA agreement with the FDA. Keryx is headquartered in New York City.
