Keryx to secure $20 million in registered direct offering

Wed. September 30, 2009; Posted: 08:32 AM

Sep 30, 2009 (Datamonitor via COMTEX) -- KERX | Quote | Chart | News | PowerRating -- Keryx Biopharmaceuticals has entered into definitive agreements to sell eight million shares of its common stock at a price per share of $2.50 pursuant to a registered direct offering to several select institutional investors, representing gross proceeds of approximately $20 million.

Investors will also receive warrants to purchase 2.8 million shares of the company's common stock. The warrants have an exercise price of $2.65 per share and are exercisable at any time on or after the closing date and prior to 366 days from such initial issuance date. The closing of the offering is expected to take place on or about September 30, 2009, subject to the satisfaction of customary closing conditions.

The company plans to use the net proceeds from the offering to fund the upcoming Phase III programs for its lead drug candidates, Perifosine, an oral PI3K/AKT pathway inhibitor for oncology, and Zerenex, a differentiated, iron-based phosphate binder.

Ron Bentsur, CEO of Keryx Biopharmaceuticals, said: "We are extremely pleased to have consummated this transaction, raising $20 million for Keryx. We believe that following this offering we will have sufficient capital to complete the Phase III programs for Perifosine and Zerenex."

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For full details on Keryx Biopharmaceuticals (KERX) click here. Keryx Biopharmaceuticals (KERX) has Short Term PowerRatings of 5. Details on Keryx Biopharmaceuticals (KERX) Short Term PowerRatings is available at This Link.

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