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Dyax Corp. And Kadmon Sign Strategic Licensing Agreement For DX-2400

Dyax Corp. (NASDAQ:DYAX) and Kadmon Corporation, LLC (Kadmon) announced today that they have entered into a strategic licensing agreement in which Kadmon has been granted an exclusive worldwide license for the development and commercialization of the fully human monoclonal antibody DX-2400, a potent and selective antibody inhibitor of matrix metalloproteinase 14 (MMP-14). MMP-14 is a key enzyme in a molecular pathway thought to play a role in tumor blood vessel formation (angiogenesis) in addition to affecting tumor growth and cell migration. Under the terms of the agreement, Dyax will receive an upfront payment, and is eligible for significant development and commercial milestone payments, in addition to tiered royalties on commercial sales up to a double-digit rate. As an exclusive licensee, Kadmon will be responsible for further development and commercialization of DX-2400, which is currently in investigational new drug (IND) application-enabling studies.

"Kadmon’s management team has a proven track record of successfully developing and commercializing important, new oncology products,” stated Gustav Christensen, President and Chief Executive Officer of Dyax. "This strategic agreement further validates Dyax's capabilities to successfully discover novel antibody drug candidates utilizing our proprietary phage display technology and advance the resulting drug candidates into development."

“This agreement expands on our longstanding relationship with Dyax and their antibody technology platform,” stated Samuel D. Waksal, Ph.D. Chairman and CEO of Kadmon. “We believe MMP-14 is an important piece of the puzzle for overcoming cancer’s growth, proliferation and resistance mechanisms. In particular, its role in tumors and ocular disease neovascularization represents a unique target opportunity that may be complementary to other antiangiogenic therapies on the market and in development. We look forward to developing this candidate, and to fully understanding its synergistic potential with our oncology pipeline products.”

Targeting MMP-14 has therapeutic potential in multiple oncology indications where human tumor tissue sample analysis has confirmed high levels of active MMP-14. In published work, Dyax has previously demonstrated DX-2400 mediated inhibition of primary tumor growth, metastasis and angiogenesis in preclinical models of breast, melanoma and prostate cancer.

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