KERX: Hits 52-Week Low on Q2 Earnings Results
Submitted By Knobias ClipReport
By Fain Hughes, fhughes@knobias.com
Share of Keryx Biopharmaceuticals, Inc. (KERX) hit a 52-week low on Monday after the Company reported results for the second quarter ended June 30, 2008. The net loss for the second quarter was $7,697,000, or $0.17 per share, compared to a net loss of $19,460,000, or $0.45 per share, for the comparable quarter in 2007. Consensus estimate from analysts had been a loss of $0.20 per share.
Michael S. Weiss, Keryx’s Chairman and CEO commented in a conference call today, “We expect our cash burn to be approximately $6 million to $8 million for the remaining six months of 2008, and intend to continue to focus our resources on creating value in our product portfolio.”
He added, “We don’t have any current plans for financing to raise capital. We see some important information coming out before the end of the year, so we dont want to do anything before that. We have adequate funds to carry us into next year.”
