Keryx Biopharmaceuticals Raises $15 Million Equity

    Keryx Biopharmaceuticals, Inc. Raises $15 Million In Private Equity 
                   Transaction With Institutional Investors 
 
    NEW YORK, Nov. 18 / -- Keryx Biopharmaceuticals, Inc. 
(Nasdaq: KERX; AIM: KRX), a biopharmaceutical company focused on the 
acquisition, development and commercialization of novel pharmaceutical 
products for the treatment of life-threatening diseases, including diabetes 
and cancer, announced today that it has entered into definitive agreements 
with several institutional investors relating to a private placement of 
approximately $15 million in gross proceeds through the issuance of common 
stock and warrants.  
    Michael S. Weiss, Chairman and Chief Executive Officer of Keryx, commented 
on the transaction, "We are very pleased to have consummated this financing 
with some of the highest-quality investors in the biotechnology sector.  We 
believe that this serves as strong validation of the promise of KRX-101 and 
the Company.  Following this offering, we will have approximately $34 million 
in cash and cash equivalents, which should carry us well into 2006.  The 
additional funds will not only provide us with capital to support our current 
and planned clinical programs for KRX-101, but will also with added 
flexibility in our in-licensing and product acquisition program as we aim to 
build out our pipeline with additional clinical-stage drug candidates." 
    Keryx sold a total of approximately 3.5 million shares in the transaction 
at $4.25 per share.  Each share was also accompanied by a 5 year warrant to 
purchase 20% of a share with an exercise price of $6.00, for an aggregate of 
approximately 705,000 warrant shares.  Keryx has agreed to register the shares 
of common stock and the shares issuable upon exercise of the warrants under 
the Securities Act of 1933.  Rodman & Renshaw acted as placement agent for 
this transaction.   
 
    ABOUT KERYX BIOPHARMACEUTICALS, INC. 
    Keryx Biopharmaceuticals, Inc. (Nasdaq: KERX; London AIM: KRX) is a 
biopharmaceutical company focused on the acquisition, development and 
commercialization of novel pharmaceutical products for the treatment of  
life-threatening diseases, including diabetes and cancer.  Keryx is developing  
KRX-101 (sulodexide), a novel first-in-class oral heparinoid compound, for the 
treatment of diabetic nephropathy, for which Keryx is currently conducting its 
U.S.-based Phase II/III clinical program.  Keryx also has an active  
in-licensing program designed to identify and acquire clinical-stage drug 
candidates.  Additionally, Keryx is seeking partners for its KinAce(TM) drug 
discovery technology and related products.  Keryx Biopharmaceuticals is 
headquartered in New York City.  
    The offering was made only to accredited investors, as such term is 
defined in accordance with the Securities Act of 1933, as amended.  The shares 
of common stock and the warrants have not been registered under the Securities 
Act of 1933, or any state securities laws.  Therefore, they may not be offered 
or sold in the United States absent registration under or exemption from the 
Securities Act of 1933 and any applicable state securities laws.  This 
announcement is neither an offer to sell nor a solicitation of an offer to buy 
shares of our common stock or warrants to purchase common stock.  
Some of the statements included in this press release, particularly those 
anticipating future financial performance, business prospects, growth and 
operating strategies and similar matters, are forward-looking statements that 
involve a number of risks and uncertainties.  For those statements, we claim 
the protection of the safe harbor for forward-looking statements contained in 
the Private Securities Litigation Reform Act of 1995.  Important factors may 
cause our actual results to differ materially, including: our ability to 
successfully begin and complete cost-effective clinical trials of KRX-101; our 
ability to successfully in-license or acquire additional clinical-stage drug 
candidates and to develop those on a cost-effective basis; and other risk 
factors identified from time to time in our SEC reports, including, but not 
limited to, the report on Form 10-K for the year ended December 31, 2002, and 
our quarterly report on Form 10-Q for the quarter ended September 30, 2003.   
Any forward-looking statements set forth in this news release speak only as of 
the date of this news release. We do not intend to update any of these 
forward-looking statements to reflect events or circumstances that occur after 
the date hereof.  This press release and prior releases are available at 
www.keryx.com.  The information in Keryx's website is not incorporated by 
reference into this press release and is included as an inactive textual 
reference only.  
 
     KERYX CONTACT: 
     Ron Bentsur 
     VP Finance and Investor Relations 
     Keryx Biopharmaceuticals, Inc. 
     Tel: [phone] 
     E-mail: [e-mail] 
 
SOURCE  Keryx Biopharmaceuticals, Inc.  
    -0-                             11/18/2003 
    /CONTACT:  Ron Bentsur, VP Finance and Investor Relations of Keryx 
Biopharmaceuticals, Inc., 212-531-5965, or [e-mail]/ 
    /Web site:  http://www.keryx.com / 
    (KERX) 
 




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