Keryx acquires Accumin diagnostic for detection of precursor to diabetic kidney disease

By Angela McDaniels

Seattle, March 23 - Keryx Biopharmaceuticals Inc. has agreed to acquire Accumin, a patent-protected diagnostic product for the early detection of diabetic kidney disease, from AusAm Biotechnologies Inc. for 200,000 shares of Keryx common stock and a capped royalty arrangement.

Based on the $18.40 closing price of Keryx's common stock on Thursday, the 200,000 shares are worth $3.68 million.

The purchase agreement is expected to close on or before April 5, according to a company news release.

Keryx said Accumin identifies abnormal levels of albumin in urine from patients with kidney disease, a condition known as microalbuminuria. In patients with diabetes, the earliest clinical evidence of diabetic nephropathy, also referred to as diabetic kidney disease, is the appearance of microalbuminuria.

Accumin is a highly sensitive assay with the potential to identify microalbuminuria in patients that may otherwise be missed by conventional tests, the company said. Current tests measure only a portion of intact albumin that reacts with conventional antibodies, while considerable amounts of intact albumin fail to react with those antibodies. As a result, current urinary tests for albumin may generate a high rate of false negatives.

Accumin has received marketing clearance from the Food and Drug Administration and is commercially available in the United States and Europe through several reference laboratories, distributors and hospitals including Quest Diagnostics Inc., Esoterix Inc. and Specialty Laboratories.

Keryx said that Accumin complements Sulonex (sulodexide oral gelcap), the company's product under development for the treatment of diabetic kidney disease, and noted that the presence of abnormal levels of albumin in urine is also a predictor of diabetes, stroke, myocardial infarction, kidney failure and death.

Keryx Biopharmaceuticals is based in New York and acquires, develops and commercializes pharmaceutical products for the treatment of diabetes and cancer.

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