On Nov. 6, Keryx Biopharmaceuticals Inc. reported a third-quarter loss of $35.3 million,or $0.38 a share, higher than analysts’ expectations. In the same period last year, the biopharmaceutical company reported a loss of $15.65 million, or $0.19 a share, representing an increase in net loss of $19.6 million. Keryx reported revenue of $256,000 in the period.
Research and development expenses increased $8.4 million to $19.1 million, compared to $10.7 million for the same period in 2013. The increase was due to a $4.6 million increase in non-cash stock-based compensation expense primarily related to the vesting of milestone-based equity grants upon the FDA approval of Ferric Citrate, costs associated with the manufacturing of pre-approval inventory, and a $3 million one-time milestone payment to the licensor of Ferric Citrate, Keryx said in a statement.
The U.S. Food and Drug Administration approved Ferric Citrate Sept 5, 2014 to control serum phosphorus levels in CKD patients on dialysis. Keryx said it plans to launch Ferric Citrate in the United States in December. In preparation for launch, the company has completed the hiring of its field sales force and has finalized the product’s promotional materials and campaign.