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Dyax Corp. Q2 2010 Earnings Call Transcript

For the six month period, the 2010 increase was primarily due to two factors that are in addition to the two just mentioned for the quarter. First, $3.2 million of cumulative net product sales of KALBITOR, which became commercially available during the first quarter of 2010 and second, $13.8 million of revenue recognized in relation to the license agreement with Cubist Pharmaceuticals.

Now with respect to the progress of the progress of the KALBITOR launch, it’s important to note that in the first several quarters of the launch, there is no direct link between the net product sales reported by us, and the number of patients in KALBITOR Access or with drug placed the treatment centers including the number of patient treatments using KALBITOR. And this disconnect is due to the fact that while we are building a patient base, we recognized revenue with the time that we ship product to our exclusive distributor ABSG and have no direct visibility to actual KALBITOR usage. I’d like to reintegrate that because we are still in the early months of launch with the number of unknown launch related variables, we’re not in a position to provide KALBITOR sales guidance over the next several quarters.

Moving on to our operating expenses; operating expenses for the second quarter were $16.5 million as compared to $16.6 million in 2009, an amount that is basically flat and infact lower this year by a $100,000 despite adding all of the new KALBITOR commercial launch expenses. For the six month period, operating expenses were $32.9 million in 2010 as compared to $45.6 million in 2009 a decrease of 25%. Within operating costs, our research and development expenses in Q2 decreased by 30% to $8 million and for the six-month period they decreased by almost 50% to $15.8 million.

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