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Dyax Corp. Announces Fourth Quarter And Full Year 2013 Financial Results

Dyax Corp. (NASDAQ: DYAX) today announced financial results for the fourth quarter and year ended December 31, 2013. Dyax will host a webcast and conference call at 8:30 a.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 Portfolio (LFRP).

Highlights include:
  • Positive results from the Phase 1a clinical study of DX-2930, Dyax’s investigational product being developed for the prevention of HAE attacks;
  • DX-2930 program on track to commence a Phase 1b clinical study in mid-2014;
  • KALBITOR net sales for the fourth quarter 2013 increased to $12.6 million;
  • KALBITOR patient demand units (units sold by distributors to hospitals or patients) increased in the fourth quarter by an estimated 11% over the third quarter of 2013;
  • Cash, cash equivalents and investments at December 31, 2013 totaled approximately $111.4 million.

“Dyax achieved a number of milestones during 2013, including the advancement of DX-2930 into human clinical trials, profitability of the KALBITOR business, and a significant strengthening of our balance sheet,” said Gustav Christensen, President and Chief Executive Officer of Dyax. “Several LFRP product candidates saw positive data readouts in 2013, and last week Eli Lilly reported positive results from the REVEL study, their global Phase 3 trial evaluating the most advanced LFRP product candidate, ramucirumab, in lung cancer.”

Mr. Christensen added: “Looking forward to 2014, Dyax will continue to serve the HAE community and is on track to begin by mid-year the Phase 1b clinical study of DX-2930 in HAE patients. We are also expecting a number of key events from the LFRP, including regulatory action on Lilly’s ramucirumab submission for the treatment of advanced gastric cancer.”

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