Keryx Biopharmaceuticals, Inc. is conducting a private placement of stock to qualified institutional investors. The company is issuing 8 million shares of common stock at a price of $2.50, and will realize $20 million in gross proceeds.
Keryx Biopharmaceuticals, Inc. is also issuing warrants to these institutional investors as an incentive to participate in the equity offering. The company will issue warrants to purchase 2.8 million shares of stock. The warrants have an exercise price of $2.65 and expire in approximately one year.
Keryx Biopharmaceuticals, Inc. is currently engaged or planning Phase III clinical trials for two drug candidates, and will use the proceeds to advance those trials.
Perifosine is an oral PI3K/AKT pathway inhibitor for oncology, and is used to treat cancer including multiple myelomas. Zerenex is an iron-based phosphate binder that is used to treat elevated phosphate levels or hyperphosphatemia in patients with end-stage renal disease. Zerenex just finished phase II clinical trials and the company is in talks with the Food and Drug Administration for setting up Phase III.