Keryx says kidney drug effective; shares hit seven-year high

[riky]

Keryx says kidney drug effective; shares hit seven-year high

Keryx Biopharmaceuticals Inc's kidney drug proved effective in treating chronic kidney disease patients not on dialysis, sending the company's shares to a seven-year high on hopes the drug could achieve blockbuster status. Keryx shares rose as much as 27 percent to $14.07 on Tuesday morning on the Nasdaq. Chief Executive Ron Bentsur said the drug, Zerenex, could exceed $1 billion in sales, even if it penetrated only 7 percent of the market for chronic kidney disease patients not on dialysis. "This is great news that opens up the pre-dialysis market for the company," Maxim Group analyst Jason Kolbert told Reuters.

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