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Dyax Corp. Announces Second Quarter 2013 Financial Results

Stocks in this article: DYAX

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 www.dyax.com.

For additional information about KALBITOR, including full prescribing information, please visit www.KALBITOR.com.

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.

DYAX CORP.
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                   
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
(In thousands, except share and per share data)
Revenues:
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  
 
 

SELECTED CONSOLIDATED CONDENSED BALANCE SHEET INFORMATION
(Unaudited)
         
June 30, December 31,
2013 2012
(In thousands)

Assets

 
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  




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