Keryx ends third quarter with more than $140 million in cash and equivalents

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Keryx Biopharmaceuticals, Inc. said it had cash, cash equivalents, investment securities and interest receivable of $141.1 million at the end of the third quarter on Sept. 30.

The company's net loss for the quarter increased more than $11 million to $18 million, or $0.42 per share, from a net loss of $6.9 million, or $0.19 per share, for the third-quarter 2005.

Keryx attributed the increase in net loss partly to a $5.9 million increase in research and development expenses related to the Sulonex pivotal phase 3 and phase 4 clinical program.

"We made substantial progress during the third quarter on several fronts within the company," chief executive officer Michael S. Weiss said in a company news release.

"On the clinical side, we were pleased to announce the expansion of our oncology pipeline through the in- licensing of UCN-01, and on the corporate side, we bolstered our accounting oversight with the appointment of Jack Kaye, CPA, to our board of directors and as chairman of our audit committee."

Keryx is a New York-based pharmaceutical company.

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