Keryx Drug Fails Test, Shares Plunge (KERX)

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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 drug.

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.