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Dyax Corp. Announces Third Quarter 2013 Financial Results

Stocks in this article: DYAX

Dyax Corp. (NASDAQ: DYAX) today announced financial results for the third quarter ended September 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 Hereditary Angioedema (HAE) business, including KALBITOR ® (ecallantide) and DX-2930, and the Licensing and Funded Research Program (LFRP).

Recent highlights include:

  • Initiation of a Phase 1 study of DX-2930 to evaluate the safety and tolerability of a single subcutaneous administration of DX-2930, Dyax’s fully human monoclonal antibody inhibitor of plasma kallikrein, which is being developed for potential prophylactic use in HAE;
  • KALBITOR ® net sales for the third quarter 2013, all of which were to distributors, increased over the second quarter 2013 to $10.8 million, after an estimated 14% reduction in KALBITOR units in the distributor channel inventory;
  • KALBITOR patient demand units (units sold by distributors to hospitals or patients) increased in the third quarter by an estimated 8% over the second quarter of 2013 and an estimated 11% over the third quarter of 2012;
  • Eli Lilly’s completion of a rolling Biologics License Application (BLA) in the U.S. and a marketing authorization application (MAA) in Europe in second-line advanced gastric cancer using ramucirumab, a monoclonal antibody in Dyax’s LFRP portfolio;
  • Completion of an equity financing in October 2013 which provided net proceeds of approximately $64.7 million;
  • Cash, cash equivalents and investments at September 30, 2013 totaled approximately $47.1 million; the pro-forma balance, inclusive of the net proceeds of the October equity financing, totaled approximately $111.8 million.

“Dyax saw a number of important milestones in the third quarter, including growth in the KALBITOR business and successful initiation of the clinical program for DX-2930, a wholly-owned product candidate currently in development for potential prophylactic use in HAE,” said Gustav Christensen, President and Chief Executive Officer of Dyax. “Additionally, there were a number of positive Phase 3 data readouts from LFRP candidates, as well as the completion of marketing applications in the U.S. and Europe for one of these candidates, ramucirumab, for second-line advanced gastric cancer.”

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