Keryx Posts Wider Net Loss In Q3, But Shares Up

(RTTNews) - Keryx Biopharmaceuticals, Inc.(KERX) posted Monday a wider net loss in its third quarter, reflecting higher expenses mainly due to its Zerenex program. The shares gained around 4 percent in the regular trading on Monday, and around 7 percent in the extended trading.

The biopharmaceutical company focused on treatment of renal disease did not generate any revenues for both the quarters.

For the third quarter, the company's net loss widened to $15.7 million or $0.19 per share from $5.5 million or $0.08 per share last year.

On average, ten analysts polled by Thomson Reuters expected the company to report a loss of $0.11 per share. Analysts' estimates typically exclude special items.

For the quarter, other research and development expenses increased by $6.6 million, primarily related to the company's Zerenex program, including costs associated with the filing of the NDA, preparation of the Marketing Authorization Application submission, and manufacturing of pre-launch inventory and capacity expansion.

Chief Executive Officer Ron Bentsur said, "The last few months have been very exciting for the Company. We submitted the Zerenex NDA, which filing has now been accepted by the FDA for review, and has been assigned a PDUFA goal date of June 7, 2014. Additionally, we have been actively building our commercial infrastructure with seasoned professionals in the dialysis and chronic kidney disease therapeutic areas to support the anticipated launch in mid-2014."

Keryx shares closed Monday's regular trading at $11.10, up $0.46 or 4.32 percent. In the after-hours trading, shares gained $0.80 or 7.21 percent further, and traded at $11.90.