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Dyax Corp. Announces First Quarter 2014 Financial Results

Stock quotes in this article: DYAX

Dyax Corp. (NASDAQ: DYAX) today announced financial results for the first quarter ended March 31, 2014. 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 Portfolio (LFRP).

Highlights of the first quarter 2014 included:

  • KALBITOR ® net sales were $12.5 million, an increase over first quarter 2013 net sales which were $8.6 million;
  • KALBITOR patient demand units (units sold by distributors to hospitals or patients) increased by approximately 39% over the first quarter of 2013;
  • The DX-2930 Phase 1a clinical study completed, with a Phase 1b study planned to begin dosing HAE patients in mid-2014;
  • Cash, cash equivalents and investments at March 31, 2014 totaled $187.2 million; and
  • In April, Dyax’s licensee Lilly received FDA approval for CYRAMZA™ (ramucirumab) as a single-agent treatment for patients with advanced gastric cancer after prior chemotherapy, making this the first approved product from Dyax’s LFRP.

"We continue to execute on our goals across a diversified set of core assets that include KALBITOR, DX-2930 and the LFRP," said Gustav Christensen, President and Chief Executive Officer of Dyax. "In the first quarter, KALBITOR continued its strong sales performance. We also recently received FDA approval for expansion of the KALBITOR label to include patients 12 years of age and older. This accomplishment makes KALBITOR the first and only subcutaneous therapy available to treat acute HAE attacks in pediatric patients in the 12-17 age group."

2014 First Quarter Financial Results

Total revenues for the first quarter ended March 31, 2014 were $14.1 million, as compared to $12.0 million for the comparable quarter in 2013. These include KALBITOR net sales of $12.5 million and $8.6 million for the first quarters of 2014 and 2013, respectively.

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