Quick answer: kidneys regulate phosphate (phosphorus) and calcium levels in the blood. If your kidneys fail (which is why people end up on dialysis), they get out of whack, and you can build up lethally high levels of phosphates in your blood. (From the PR: "hyperphosphatemia, i.e., high phosphorus levels in blood, in patients with end-stage renal disease (ESRD) and chronic kidney disease (CKD)")
There are various drugs used to try and get rid of the extra phosphate/phosphorus, mainly by binding to it (i.e., trying to soak it up like a sponge.)
For example, Fosrenol by Shire Pharmaceuticals is another lanthanum based phosphorus absorber: http://www.fosrenol.com/
"second generation" means they think their's is new and better. "Nanomaterial technology" means they've been keeping up on the latest trendy buzzwords (IMHO).
"novel non-aluminum, non-calcium phosphate binders" mean they aren't Rolaids or Tums. (Seriously.)