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Dyax Corp. Announces Second Quarter 2014 Financial Results

Stocks in this article: DYAX

Dyax Corp. (NASDAQ: DYAX) today announced financial results for the second quarter ended June 30, 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), DX-2930, and the Licensing and Funded Research Portfolio (LFRP).

Highlights for the second quarter 2014 included:

  • Commenced dosing in the Phase 1b study of DX-2930 in HAE patients;
  • Dyax licensee, Eli Lilly and Company (Lilly), began marketing CYRAMZA™ (ramucirumab) as a single agent treatment for patients with advanced gastric cancer after prior chemotherapy;
  • KALBITOR ® net sales were $16.6 million, an increase over the second quarter 2013 net sales which were $8.6 million;
  • KALBITOR patient demand units (units sold by distributors to hospitals or patients) increased by approximately 40% over the second quarter 2013; and
  • Cash, cash equivalents and investments at June 30, 2014 totaled $187.7 million.

"We achieved a number of milestones in the second quarter, including continued growth in the KALBITOR business,” said Gustav Christensen, President and Chief Executive Officer of Dyax. “We also commenced dosing in the Phase 1b study of DX-2930, our drug candidate for the prevention of HAE attacks. We expect to report data from this study in early 2015.”

Mr. Christensen concluded, “Our licensee, Lilly, also launched CYRAMZA, the first approved product from our LFRP. Dyax is eligible to receive a net royalty of 2.5% on the first ten years of commercial sales. We continue to execute on our goals and Dyax remains well-positioned for future growth thanks to the diversity of our businesses.”

2014 Second Quarter Financial Results

Total revenues for the quarter ended June 30, 2014 were $19.6 million, as compared to $11.3 million for the comparable quarter in 2013. Included in 2014 revenues were $16.6 million of KALBITOR net sales, as compared to $8.6 million for the same period in 2013. For the six months ended June 30, 2014, total revenues were $33.7 million, compared to $23.4 million for the same period in 2013. The six-month 2014 revenues included $29.1 million of KALBITOR net sales, as compared to $17.2 million in the 2013 period.

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