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Dyax Corp. Announces Third Quarter 2012 Financial Results

Stocks in this article: DYAX

Dyax Corp. (NASDAQ: DYAX) today announced financial results for the third quarter ended September 30, 2012. Dyax will host a webcast and conference call at 5:00 p.m. (ET) today to review financial results and provide updates regarding its key value drivers – the KALBITOR ® (ecallantide) business and angioedema portfolio, as well as the Licensing and Funded Research Program (LFRP).

Highlights of the third quarter 2012 include:

  • KALBITOR net sales increased to $10.8 million, an 18% increase over second quarter 2012;
  • 596 patients have treated with KALBITOR, up 15% from the previous quarter;
  • Operating cash burn in the third quarter was reduced to $5 million; and
  • Cash, cash equivalents and investments at September 30, 2012 totaled approximately $30.4 million.

“The continued growth of KALBITOR sales demonstrates the importance of this novel therapy to the hereditary angioedema community and the value of our innovative and comprehensive patient service and support programs,” stated Gustav Christensen, President and Chief Executive Officer of Dyax. “Further, our experience in the HAE market gives us the insight with which to build a next generation of products and services that may allow us to treat and support a broader set of angioedemas. In addition, the Licensing and Funded Research Program (LFRP) continues to be a key driver for Dyax due to the LFRP’s broad and maturing pipeline of clinical candidates that potentially address large, high-value therapeutic markets.”

2012 Third Quarter Financial Results

Total revenues for the third quarter ended September 30, 2012 were $13.1 million, as compared to $10.1 million for the comparable quarter in 2011. Included in the 2012 revenues were $10.8 million of KALBITOR net sales, as compared to $6.6 million for 2011. Total revenues for the nine months ended September 30, 2012 were $38.6 million compared to $40.2 million for the comparable period in 2011, and included KALBITOR net sales of $28.0 million and $15.9 million in 2012 and 2011, respectively. The 2011 nine month revenues included $12.2 million in one-time revenue under our collaboration with Sigma-Tau.

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