This Day On The Street
Continue to site
ADVERTISEMENT
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 Third Quarter 2013 Financial Results

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.”

1 of 6

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs