Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX), a biopharmaceutical company focused on the acquisition, development and commercialization of medically important, novel pharmaceutical products for the treatment of life-threatening diseases, including renal disease and cancer, recently announced its financial results for the second quarter ending June 30, 2008.
Shares hit a 52-week low this week after the company reported a net loss for the second quarter of $7.7 million or $0.17 per share. Total revenue improved year over year, compared to a net loss of $19.5 million or $0.45 per share, for the comparable quarter in 2007, beating consensus estimates from analysts of a loss of $0.20 per share. The decrease in net loss was primarily attributable to a $10.4 million reduction in research and development expenses related to the cessation of the development of Sulonex in March 2008.
Michael S. Weiss, the company’s chairman and chief executive officer, commented that he expects Keryx’s cash burn to total approximately $6 million to $8 million for the remaining six months of 2008. He continued to state that the company does not have plans for financing to raise capital and believes that Keryx has adequate funds for operations throughout the remainder of the year.
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