Keryx to Hold Investor Conference Call

    Keryx Biopharmaceuticals, Inc. Announces Third Quarter 2003 Financial Results 
 
              - Keryx to Hold Investor Conference Call Tomorrow, 
                 Tuesday, November 11, 2003 at 10:00 AM EST - 
 
    NEW YORK, Nov. 10  -- Keryx Biopharmaceuticals, Inc. 
(Nasdaq: KERX; London 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, today announced the financial results for the third quarter ended 
September 30, 2003. 
    The net loss for the quarter ended September 30, 2003 of $(1,556,000), or 
$(0.07) per share, was $1,476,000 less than the net loss of $(3,032,000), or 
$(0.15) per share, for the year ago quarter.  The decrease in net loss was 
primarily attributable to a $1,301,000 reduction in research and development 
expenses and a reduction of $174,000 in general and administrative expenses, 
resulting primarily from restructuring programs initiated in 2002 and 2003.  
The decrease was partially offset by lower interest income in the third 
quarter of 2003, as compared to the third quarter of 2002. 
    At September 30, 2003, the Company had cash, cash equivalents, interest 
receivable and investment securities of $19.7 million, compared to cash, cash 
equivalents, interest receivable and investment securities of $21.0 million at 
June 30, 2003 and $24.1 million at December 31, 2002. 
    Commenting on the quarter, Michael S. Weiss, Keryx's Chairman and Chief 
Executive Officer, said, "I am very pleased with the progress we have made to 
date, as we recently satisfied a major milestone which was the initiation of 
our Phase II/III U.S.-based clinical program for KRX-101, our advanced 
clinical-stage drug candidate for the treatment of diabetic nephropathy.  We 
are also honored to have the support of the Collaborative Study Group, and its 
tremendous success and experience in this disease area, in this clinical 
program.  We are excited about getting the program underway and strongly 
believe that the data from the Phase II portion of this Phase II/III clinical 
program will corroborate the robust results achieved in our 223-patient 
European Phase II study."  Mr. Weiss added, "During the quarter, in connection 
with our S.O.A.R. program for KRX-101, we also initiated important scientific 
collaborations with leading investigators who we hope will help us unlock 
additional potential clinical applications for KRX-101 beyond diabetic 
nephropathy and shed additional light on the drug's mechanistic 
characteristics.  We look forward to announcing additional S.O.A.R. 
collaborations in the near future."    
    Commenting on the financial results for the quarter, Mr. Weiss said, "In 
this quarter we proved once again that we are an extremely cost conscience 
organization that is able to achieve much on a modest budget.  Our core group 
of highly-focused, highly-skilled individuals remains focused on building 
value in KRX-101 and in-licensing or acquiring additional pipeline products."    
 
    Keryx will host a conference call tomorrow, Tuesday, November 11, 2003 at 
10:00 am EST.  In order to participate in the conference call, please call  
1-866-527-8676 (U.S.), 1-866-485-2399 (Canada), 1-800-227-297 (Israel),  
0-800-917-4613 (UK), 0-800-903-025 (France), 0-800-563-309 (Switzerland), and 
0-800-182-6846 (Germany).  
 
    The audio recording of the conference call will be available for replay at 
www.keryx.com, for a period of 15 days after the call. 
 
    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.  
 
    Some of the statements included in this press release, particularly those 
anticipating future financial performance, timelines for the completion of the 
KRX-101 Phase II/III clinical trial program and the release of data from this 
program, 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 complete cost-effective clinical trials 
of KRX-101; the success of the S.O.A.R. program and its ability to develop 
uses for KRX-101 that can impact a number of disease states beyond diabetic 
nephropathy; the continued costs of our restructuring, including potential 
claims resulting from the termination of the operations of our subsidiaries in 
Israel; 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.  
 
                              (Tables to Follow) 
                                        
                        Keryx Biopharmaceuticals, Inc. 
                     Selected Consolidated Financial Data 
          (Thousands of US Dollars, Except Share and Per Share Data) 
 
    Statement of Operations: 
 
                                    Three Months Ended      Nine Months Ended 
                                       September 30,          September 30,  
                                        (unaudited)            (unaudited)  
                                    2003          2002      2003         2002  
    OPERATING EXPENSE:              
    Research and Development        
      Non-cash compensation          $--         $(195)    $(515)    $ (1,539)  
      Other research and  
       development                   810         2,306     4,735        7,565  
        Total research and  
         development                 810         2,111     4,220        6,026  
      
    General and administrative 
      Non-cash compensation          $17            $2       $69          $(6)  
      Other general and  
       administrative                763           952     2,632        3,344  
        Total general and 
         administrative              780           954     2,701        3,338  
      
    LOSS FROM OPERATIONS          (1,590)       (3,065)   (6,921)      (9,364)  
      
    OTHER INCOME (EXPENSE):  
      Financing income, net           34            69       184          403  
      Taxes on income                 --           (36)     (116)         (25)  
      
    NET LOSS                     $(1,556)      $(3,032)  $(6,853)     $(8,986)  
      
    NET LOSS PER COMMON SHARE 
      Basic and diluted           $(0.07)       $(0.15)   $(0.33)      $(0.45)  
      
    SHARES USED IN COMPUTING  
     NET LOSS PER COMMON SHARE         
      Basic and diluted         21,107,158  19,907,185  20,623,339  19,898,246  
 
 
    Balance Sheet: 
 
                                                 September 30,    December 31, 
                                                     2003             2002 
                                                  (unaudited)      (audited)  
    Cash, cash equivalents, interest                          
    receivable and investment securities          $19,743          $24,131  
 
    Total assets                                   20,487           29,103  
 
    Accumulated deficit                           (52,355)         (45,502)  
 
    Stockholders' equity                           19,182           26,330  
 
 
     KERYX CONTACT: 
     Ron Bentsur 
     Vice President - Finance & Investor Relations 
     Keryx Biopharmaceuticals, Inc. 
     Tel: [phone] 
     E-mail: [e-mail] 
 
SOURCE  Keryx Biopharmaceuticals, Inc. 
    -0-                             11/10/2003 
    /CONTACT:  Ron Bentsur, Vice President - Finance & Investor Relations of 
Keryx Biopharmaceuticals, Inc., [phone], or [e-mail] / 
    /Web site:  http://www.keryx.com / 
    (KERX) 
 




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