NEW YORK (AP) — Keryx Biopharmaceuticals reported a second-quarter loss as it ramped up spending on drug candidates.
Keryx has no products on the market. It posted a profit a year ago due to $18.3 million in revenue from two of its partners.
On Sunday, Keryx said it lost $5.2 million, or 9 cents per share. It had no revenue in the three months ended June 30. A year earlier the company posted a profit of $14.1 million, or 29 cents per share. Keryx recorded $18.4 million in revenue then, most of it deferred revenue from Japan Tobacco Inc. and Torii Pharmaceutical Co., which had licensed Keryx’s drug Zerenex in Japan.
The results this year were in line with analyst expectations.
In the most recent quarter, Keryx said its research and development costs doubled to $3.6 million.
Keryx is running late stage clinical trials of Zerenex as a treatment for high phosphate levels, and perifosine as a treatment for multiple myeloma and colorectal cancer. It is developing perifosine through a partnership with and AEterna Zentaris Inc. and is also testing the drug against other cancers.
Keryx Biopharmaceuticals Inc. licensed Zerenex to Japan Tobacco and Torii Pharmaceutical in 2007. The company later amended the license agreement to eliminate most of its obligations.