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Dyax Corp. Announces Third Quarter 2013 Financial Results

Research and development expenses for the third quarter of 2013 were $8.1 million, as compared to $6.2 million for the comparable quarter in 2012. Increases in 2013 were primarily due to pass-through license fees paid by Dyax licensees under the LFRP. For the nine months ended September 30, 2013, research and development expenses were $23.2 million, as compared to $22.7 million for the same period in 2012.

Selling, general and administrative expenses were $8.5 million for the third quarter of 2013, as compared to $9.1 million for the comparable quarter in 2012. For the nine months ended September 30, 2013, selling, general and administrative costs were $29.8 million, as compared to $29.9 million for the same period in 2012.

For the quarter ended September 30, 2013, Dyax reported a net loss of $6.2 million or $0.06 per share attributable to common stockholders, as compared to a net loss of $5.2 million or $0.05 per share for the comparable quarter in 2012. For the nine months ended September 30, 2013, Dyax reported a net loss of $25.8 million or $0.25 per share attributable to common stockholders, as compared to a net loss of $24.4 million or $0.25 per share for the comparable period in 2012.

As of September 30, 2013, Dyax had cash, cash equivalents, and investments totaling $47.1 million, exclusive of restricted cash. Inclusive of the $64.7 million of net proceeds from the equity offering completed in October 2013, Dyax would have had cash, cash equivalents, and investments totaling $111.8 million, as of September 30, 2013.

Financial Guidance

Dyax has reiterated its previously disclosed financial guidance for 2013:

  • Top-line total revenue to be in the range of $53-58 million, includingKALBITOR net sales of $40-44 million.

All revenue guidance is expected to be at the low end of these ranges.

Webcast and Conference Call

Date:

      Tuesday, October 22, 2013

Time:

5:00 p.m. ET

Telephone Access:

Domestic callers, dial 877-674-2415; reference the Dyax conference call

International callers, dial 708-290-1364

No passcode required.

Online Access:

Go to the Investor Relations section of the Dyax website ( www.dyax.com) and follow instructions for accessing the live webcast. Participants may register in advance.

 

A replay of the conference call will be available through October 27, 2013 and may be accessed by dialing 855-859-2056. International callers should dial 404-537-3406. The replay passcode for all callers is 74956940. The webcast will be archived on the Dyax website for an indefinite period of time.

About Dyax

Dyax is a fully integrated biopharmaceutical company focused on the discovery, development and commercialization of novel biotherapeutics for unmet medical needs. The Company's key value drivers are the KALBITOR ® (ecallantide) business, DX-2930 and the Licensing and Funded Research Program (LFRP).

Dyax developed KALBITOR on its own and, since February 2010, has been selling it in the United States for the treatment of acute attacks of HAE in patients 16 years of age and older. Outside the United States, the Company has established partnerships to obtain regulatory approval and commercialize KALBITOR in certain markets and is evaluating opportunities in others.

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