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Dyax Corp. Announces Second Quarter 2013 Financial Results

Dyax Corp. (NASDAQ: DYAX) today announced financial results for the second quarter ended June 30, 2013. 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, DX-2930 and the Licensing and Funded Research Program (LFRP).

Recent highlights include:
  • KALBITOR ® net sales in the second quarter 2013 were $8.6 million;
  • KALBITOR patient demand units (units sold by distributors to hospitals or patients) increased in the second quarter by an estimated 17% over the first quarter and an estimated 23% over the second quarter of 2012;
  • Second quarter 2013 KALBITOR patient demand units were offset by an estimated 24% reduction in distributor channel inventory;
  • Investigational New Drug (IND) application for DX-2930 was filed in June 2013, with initiation of a Phase 1 study expected in the third quarter of 2013, subject to FDA review and comment on the IND;
  • Expecting multiple Phase 3 data readouts and completion of rolling Biologics License Application (BLA) for ramucirumab from the LFRP portfolio, which includes 13 revenue generating clinical candidates, of which three are in Phase 3 and four are in Phase 2 clinical development;
  • Completed a $30 million financing in May; cash, cash equivalents and investments at June 30, 2013 totaled approximately $46.9 million.

“Dyax remains a focused organization, with a clear strategy for advancing its key value drivers in both our hereditary angioedema franchise and LFRP,” stated Gustav Christensen, President and Chief Executive Officer of Dyax. “In the second quarter, the KALBITOR business returned to more normalized treatment rates, as confirmed by a rebound in patient demand unit growth. This business remains cash flow positive and continues to support the growth of the Company’s evolving internal pipeline. To that end, our IND for DX-2930 was recently filed with the FDA, and we look forward to moving this important compound into clinical trials for the prophylactic treatment of HAE.”

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