Keryx Biopharmaceuticals,
Inc. is a drug discovery and development company that applies KinAceTM, its
proprietary rational drug discovery technology, to genomics data in order
to build a rich pipeline of drug candidates targeting protein kinases. Kinases,
which play a key role in the way cells communicate, are implicated in a wide
range of diseases. The most advanced candidate that has been generated by
the Keryx using the KinAceTM technology is KRX-123, for the treatment of hormone
resistant prostate cancer. This candidate is currently in the advanced pre-clinical
development.
Keryx is also developing KRX-101, a Phase III drug for the treatment of diabetic
kidney disease (diabetic nephropathy), a disease with annual market potential
of over $1 billion in the U.S. alone.
Keryx is headquartered in Cambridge, MA. The Company's R&D center is located
in a state-of -the-art facility situated in one of Israel's most prominent
science parks.
The Company is traded on NASDAQ (KERX) and on the London AIM (KRX).
Strategic Reorganization Program
On August 14, 2002, Keryx announced the implementation of a strategic reorganization
program designed to significantly cut costs and maintain focus on leading
products. Keryx believes that this restructuring program will provide the
Company with sufficient capital resources through at least early 2005.
Key components of the reorganization include an approximate 45% reduction
in Keryx’s work force to approximately 35 persons, including reductions
in senior management, administrative, and research personnel who were primarily
involved in early stage projects. In addition, a 5-10% pay cut was instituted
for all remaining employees, including senior management. The Company will
maintain its focus on KRX-101 and KRX-123, along with other projects that
are most likely to result in strategic partnerships.
Copyright © 2002 by Keryx
Biopharmaceuticals, Inc.
