Globes
Tuesday, Jan 25, 2000
High Tech News

Keryx Biopharmaceuticals Raises $8.8 Million in Private Placement
By Michal Raveh

Keryx Biopharmaceuticals announced today that it successfully completed an $8.8 million private placement. Keryx intends to use the proceeds of this offering to continue clinical development of products.

Investors in the placement included a number of significant institutions and a select group of private investors. Leading the placement were Paramount Capital. and Leumi & Co. Underwriters.

Keryx is a drug development company incorporated in Delaware with an research and development center in Jerusalem. Keryx intends to use the proceeds of this offering to continue the clinical development of its lead compound KRX-101 and the various compounds derived from its KinAce core technology, a technology that harnesses the power of genomics for rapid drug discovery.

Keryx expects to file an IND with the FDA in the second quarter of 2000 to begin a pivotal Phase II/III clinical trial of KRX-101 for the treatment of diabetic nephropathy, a condition with a market potential of approximately $1 billion.

The company also plans to file an IND this year for a Phase I/II clinical trial of KRX-123, for the treatment of hormone refractory prostate cancer, a fatal condition for which no effective treatment currently exists.

Keryx CEO Dr. Morris Laster said: "The successful raising of $8.8 million provides KERYX with the resources to aggressively pursue the development of the various compounds and technologies in its pipeline. KERYX's strategy of combining the in-licensing of late stage compounds and the development of a powerful core technology promises to significantly increase the future value of the company."

Published by Israel's Business Arena on January 25, 2000.