This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dyax Corp. Announces Second Quarter 2013 Financial Results

The Company is developing products to expand its angioedema portfolio, including a therapeutic candidate, DX-2930, for the prophylactic treatment of HAE and a diagnostic test to identify plasma kallikrein-mediated disorders.

KALBITOR and DX-2930 were identified using Dyax’s patented phage display technology, which rapidly selects compounds that bind with high affinity and specificity to therapeutic targets. Dyax leverages this technology broadly through the LFRP. This program has provided the Company a portfolio of product candidates being developed by its licensees, which currently includes 13 revenue generating product candidates in various stages of clinical development, including three in Phase 3 trials.

For additional information about Dyax, please visit

For additional information about KALBITOR, including full prescribing information, please visit

DisclaimerThis press release contains forward-looking statements, including statements regarding the prospects for the LFRP portfolio, the planned commencement of the Phase 1 clinical trial for DX-2930, and projected revenues and KALBITOR sales for 2013. Statements that are not historical facts are based on Dyax’s current expectations, beliefs, assumptions, estimates, forecasts and projections about the industry and markets in which Dyax and its licensees compete. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements because of uncertainties involved in any future projections, as well as uncertainties associated with various activities and aspects of Dyax’s business, including risks and uncertainties associated with the following: competition from new and existing treatments for HAE; uncertainty whether KALBITOR will gain broader market acceptance; uncertainty regarding treatment rates for patients on KALBITOR; Dyax’s dependence on the expertise, effort, priorities and contractual obligations of third parties in the manufacture of KALBITOR worldwide and in the development and any resulting marketing, sales and distribution of KALBITOR outside of the United States; Dyax’s dependence on licensees and collaborators for development, clinical trials, manufacturing, sales and distribution of LFRP and other licensed products; the uncertainty of negotiations with potential partners and collaborators; uncertainties as to whether one or more of Dyax’s licensees’ new product candidates will be commercialized and generate royalties; changing requirements and costs associated with Dyax's planned research and development activities; the uncertainty of patent and intellectual property protection; Dyax’s dependence on key management and key suppliers; the impact of future alliances or transactions involving Dyax or others; and other risk factors described or referred to Item 1A, “Risk Factors” in Dyax’s most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. Dyax cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Dyax undertakes no obligations to update or revise these statements, except as may be required by law.

Dyax, the Dyax logo and KALBITOR are registered trademarks of Dyax Corp.
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
(In thousands, except share and per share data)
Product sales, net $ 8,568 $ 9,164 $ 17,155 $ 17,174
Development and license fee revenues $ 2,768   $ 4,866   $ 6,221   $ 8,345  
Total revenues, net $ 11,336   $ 14,030   $ 23,376   $ 25,519  
Costs and expenses:
Cost of product sales 563 416 1,271 954
Research and development expenses 6,450 8,653 15,121 16,506
Selling, general and administrative expenses 10,173 10,350 21,297 20,755
Restructuring costs - - - 1,440
Total costs and expenses   17,186     19,419     37,689     39,655  
Loss from operations (5,850 ) (5,389 ) (14,313 ) (14,136 )
Other income (expense):
Interest and other income 4 6 9 17
Interest and other expense   (2,586 )   (2,556 )   (5,321 )   (5,102 )
Total other expense (2,582 ) (2,550 ) (5,312 ) (5,085 )
Net loss $ (8,432 ) $ (7,939 ) $ (19,625 ) $ (19,221 )
Net loss per share attributable to common stockholders $ (8,432 ) $ (7,939 ) $ (19,625 ) $ (19,221 )
Net loss per share attributable to
common stockholders, basic and diluted $ (0.08 ) $ (0.08 ) $ (0.19 ) $ (0.19 )
Shares used in computing basic and diluted net loss
per share for common stockholders   104,977,247     98,820,699     102,325,469     98,809,562  

June 30, December 31,
2013 2012
(In thousands)

Cash, cash equivalents and short-term investments $ 46,929 $ 29,046
Accounts receivable, net 6,621 7,507
Inventory 8,958 9,989
Fixed assets 5,280 5,329
Restricted cash 1,100 1,100
Other assets 1,807 2,515
Total assets $ 70,695   $ 55,486  

Liabilities and Stockholders' Deficit
Accounts payable and other current liabilities $ 11,696 $ 13,146
Deferred revenue 11,096 11,851
Note payable and other long-term debt 81,876 78,992
Other long-term liabilities 2,996 3,057
Total liabilities   107,664     107,046  
Common and preferred stock and additional paid-in capital 488,841 454,620
Accumulated deficit and other comprehensive income (525,810 ) (506,180 )
Total stockholders' deficit   (36,969 )   (51,560 )
Total liabilities and stockholders' deficit $ 70,695   $ 55,486  

4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs