Keryx Pharmaceuticals 1Q net loss wider than Street estimates

Keryx Pharmaceuticals Inc. late Friday reported a first-quarter net loss of $34.5 million, or 79 cents a share, wider than the mean 55-cent loss estimate of analysts polled by Thomson Reuters.

The net loss in the prior-year quarter was $21.8 million, or 50 cents a share.

The wider net loss was largely due to costs related to the cessation of the development of Sulonex, including a non-cash impairment charge of $11 million, Keryx said. The net loss also included a $1.81 million impairment charge related to the company's investments in auction rate securities that are currently illiquid.

Revenue for the quarter ended March 31 rose to $199,000 from $42,000, versus the mean Street view of $370,000.

Shares of the New York-based biopharmaceutical company closed the regular session down a penny at 48 cents. Brigid Gaffikin bg/kh

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