Keryx Drug Fails Test, Shares Plunge (KERX)
Keryx Biopharmaceuticals Inc. (NASDAQ: KERX) this morning announced that its colorectal cancer treatment did no better than placebo in a Phase 3 trial. The company said it will evaluate whether or not to continue the Phase 3 trials of the…
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Keryx also noted that it has $31 million in cash and plans to complete a Phase 3 study on an end-stage renal disease treatment in the fourth quarter. The company also plans to file a new drug application for the drug, called Zerenex, “shortly thereafter.”
The company’s stock is getting thrashed in the pre-market, down about -55% at $2.28, only a penny higher than its current 52-week low.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
