BOSTON and JERUSALEM, Nov. 14 - Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX; AIM: KRX), a development stage biotechnology company, today released financial results for the third quarter ended September 30, 2000. The net loss for the third quarter was $2,764,823, or $0.17 per share, compared to a net loss of $681,451, or $0.08 per share, for the quarter ended September 30, 1999.

Net loss for the nine months ended September 30, 2000 was $8,465,470, or $0.79 per share, compared to a net loss of $2,094,436, or $0.26 per share, for the nine months ended September 30, 1999.

The Company completed its Initial Public Offering of 4.6 million shares of its common stock on July 28, 2000, and in August the underwriters exercised 600,000 of their over-allotment option. Total net proceeds from the Company's Initial Public Offering were approximately $46.4 million. At September 30, 2000, including the proceeds of the recent IPO, the Company had cash and cash equivalents of $50.4 million, compared with $4.1 million at December 31, 1999.

"During the quarter we continued to invest in our core KinAceä platform for the discovery of drugs that modulate kinases, a major class of signaling molecules. Additionally, we reported progress with KRX-101 (sulodexide), a drug candidate for the treatment of diabetic nephropathy," said Morris Laster, Chief Executive Officer and Chairman of Keryx Biopharmaceuticals. "During this past quarter, Keryx secured approval from the U.S. Food and Drug Administration (FDA) to proceed to Phase III clinical trials for KRX-101, and we are now designing a Phase III protocol for submission to the FDA."

About Keryx Biopharmaceuticals

Keryx Biopharmaceuticals, Inc. is building a pipeline of drug candidates that target protein kinases by applying its proprietary bioinformatics technology to genomics data. Kinases, which play a key role in the way cells communicate, are implicated in a wide range of diseases. Using its KinAceä drug discovery platform technology, the Company has established a rich and diverse pipeline of drug candidates in oncology, immunology, metabolic diseases, and other therapeutic areas. The most advanced of these candidates, KRX-123, is scheduled to enter clinical trials for advanced prostate cancer in the first half of 2001, pending regulatory approval. The Company is also developing a late stage, in-licensed product, KRX-101 (sulodexide), for the treatment of diabetic nephropathy. Keryx has received FDA approval to submit a Phase III clinical trial protocol for KRX-101. Keryx Biopharmaceuticals is a U.S.-based company with R&D and manufacturing facilities in Israel. The Company is traded on NASDAQ (KERX) and on AIM (KRX).

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