Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2012 Financial Results

  Keryx Biopharmaceuticals, Inc. Announces Fourth Quarter and Year-End 2012
                              Financial Results

Keryx to Host Investor Conference Call Tomorrow, Tuesday, March 12, 2013 at
8:30am EDT

PR Newswire

NEW YORK, March 11, 2013

NEW YORK, March 11, 2013 /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 renal disease (the "Company"), today announced
its results for the fourth quarter and year ended December 31, 2012.

At December 31, 2012, the Company had cash, cash equivalents, interest
receivable, and investment securities of $14.7 million, as compared to $39.5
million at December 31, 2011. Subsequent to December 31, 2012, the Company
completed an underwritten public offering of common stock, which provided
proceeds to the Company of approximately $74.8 million, net of underwriting
discounts and offering expenses of approximately $5.6 million. Also
subsequent to December 31, 2012, the Company received a $7.0 million milestone
payment from its Japanese partner for Zerenex (ferric citrate), Japan Tobacco
Inc. ("JT") and Torii Pharmaceutical Co., Ltd. ("Torii"), related to JT's
January 2013 filing of a New Drug Application ("NDA") with the Japanese
Ministry of Health, Labour and Welfare for marketing approval of ferric
citrate in Japan for the treatment of hyperphosphatemia in patients with
chronic kidney disease.

The net loss for the fourth quarter ended December 31, 2012 was $6.6 million,
or $0.09 per share, compared to a net loss of $8.4 million, or $0.12 per
share, for the comparable quarter in 2011, representing a decrease in net loss
of $1.8 million. The change in net loss in the fourth quarter of 2012, as
compared to the fourth quarter of 2011, was primarily attributable to a $3.1
million decrease in research and development expenses due to the cessation of
the development of KRX-0401 (perifosine) in May 2012, partially offset by a
$1.3 million increase in research and development expenses related to the
Zerenex clinical program. The net loss for the fourth quarter ended December
31, 2012, included $0.5 million of non-cash compensation expense related to
equity incentive grants.

The net loss for the year ended December 31, 2012, was $22.7 million, or $0.32
per share, compared to a net loss of $28.1 million, or $0.42 per share, for
the year ended December 31, 2011, representing a decrease in net loss of $5.4
million. The change in net loss in the year ended December 31, 2012, as
compared to 2011, was primarily attributable to an $8.9 million decrease in
research and development expenses due to the cessation of the development of
KRX-0401 (perifosine) in May 2012, partially offset by a $2.5 million increase
in research and development expenses related to the Zerenex clinical program.
The net loss for the year ended December 31, 2011, included license revenue of
$5.0 million related to a milestone payment from JT and Torii for their
commencement, in April 2011, of a Phase 3 clinical program in Japan. The net
loss for the year ended December 31, 2012, included a non-cash extraordinary
gain of $2.6 million related to a write-off of the contingent equity rights
liability following the termination of the license agreement for KRX-0401 in
May 2012 and $2.2 million of non-cash compensation expense related to equity
incentive grants.

Ron Bentsur, the Company's Chief Executive Officer, commented, "In January, we
reached a major milestone with the announcement of successful top-line results
from the long-term Phase 3 study of Zerenex. Following that announcement, we
solidified our balance sheet with a substantial capital raise, allowing us to
focus on the next key milestones for the Company, specifically, our pending
U.S. New Drug Application and European Marketing Authorization Application
filings and a potential launch for Zerenex in the middle of next year."

The Company will host an investor conference call tomorrow, Tuesday, March 12,
2013, at 8:30am EDT, to discuss the Company's fourth quarter and year-end 2012
financial results and provide a business outlook for 2013.

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 renal disease. Keryx is developing Zerenex (ferric citrate), an
oral, ferric iron-based compound that has the capacity to bind to phosphate
and form non-absorbable complexes. Keryx has completed a U.S.-based Phase 3
clinical program for Zerenex for the treatment of hyperphosphatemia (elevated
phosphate levels) in patients with end-stage renal disease, conducted pursuant
to a Special Protocol Assessment (SPA) agreement with the FDA, and Keryx
expects to submit an NDA with the FDA in the second quarter of 2013 and a MAA
with the EMA in mid-2013. Zerenex is also in Phase 2 development in the U.S.
for the management of phosphorus and iron deficiency in anemic patients with
Stages 3 to 5 non-dialysis dependent chronic kidney disease. In addition,
Keryx's Japanese partner, Japan Tobacco Inc. and Torii Pharmaceutical Co.,
Ltd. has filed its New Drug Application for marketing approval of ferric
citrate in Japan for the treatment of hyperphosphatemia in patients with
chronic kidney disease. Keryx is headquartered in New York City.

Cautionary Statement

Some of the statements included in this press release may be forward-looking
statements that involve a number of risks and uncertainties. For those
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995.
The factors that could cause our actual results to differ materially are
identified from time to time in our reports filed with the Securities and
Exchange Commission. Any forward-looking statements set forth in this press
release speak only as of the date of this press release. We do not intend to
update any of these forward-looking statements to reflect events or
circumstances that occur after the date hereof. This press release and prior
releases are available at http://www.keryx.com. The information in our website
is not incorporated by reference into this press release and is included as an
inactive textual reference only.

KERYX CONTACT:
Lauren Fischer
Director – Investor Relations
Keryx Biopharmaceuticals, Inc.
Tel: 212.531.5965
E-mail: lfischer@keryx.com

Keryx Biopharmaceuticals, Inc.

Selected Consolidated Financial Data

(In Thousands, Except Share and Per Share Amounts)
Statements of Operations Information (Unaudited):
                     Three Months Ended December 31, Year Ended December 31,
                     2012          2011              2012         2011
REVENUE:
License revenue      $       $      --   $       $     
                      --                            --           5,000
OPERATING EXPENSES:
Research and
development:
 Non-cash        150           187               662          803
compensation
 Other research  4,753         6,676             19,369       26,209
and development
 Total
research and         4,903         6,863             20,031       27,012
development
General and
administrative:
 Non-cash        388           341               1,505        1,289
compensation
 Other general   1,387         1,497             5,543        5,448
and administrative
 Total general  1,775         1,838             7,048        6,737
and administrative
TOTAL OPERATING      6,678         8,701             27,079       33,749
EXPENSES
OPERATING LOSS       (6,678)       (8,701)           (27,079)     (28,749)
OTHER INCOME:
Interest and other   50            80                1,719        380
income, net
LOSS FROM CONTINUING (6,628)       (8,621)           (25,360)     (28,369)
 OPERATIONS
Gain from
discontinued         --            246               --           246
operations
Extraordinary gain   --            --                2,639        --
NET LOSS             $          $  (8,375)      $ (22,721)   $    
                     (6,628)                                      (28,123)
NET LOSS PER COMMON
SHARE
 Continuing     $         $   (0.12)     $   (0.36) $     
operations           (0.09)                                        (0.42)
 Discontinued   --              --           
operations                         --*                            --*
 Extraordinary  --            --                0.04         --
gain
Basic and diluted    $                                        $     
net loss per common  (0.09)        $   (0.12)     $   (0.32)  (0.42)
share


SHARES USED IN
COMPUTING NET
 LOSS PER
COMMON SHARE
 Basic and      71,925,040    71,022,951        71,633,464   67,370,354
Diluted



Balance Sheet Information:
                                        December 31, 2012  December 31, 2011**
                                        (Unaudited)
Cash, cash equivalents, interest
receivable
 and short-term investment           $      14,677 $      39,470
securities
Total assets                            18,569             43,488
Accumulated deficit                     (392,608)          (369,887)
Stockholders' equity                    10,494             31,047
*Amount less than one cent.

** Condensed from audited financial statements

SOURCE Keryx Biopharmaceuticals, Inc.

Website: http://www.keryx.com