Dyax

(DYAX)

and fellow biopharmaceutical company

Cubist

(CBST)

said Thursday that they signed a development and commercialization agreement for the intravenous version of DX-88, a preventive treatment for blood loss during surgery, in North America and Europe.

Cambridge, Mass.-based Dyax's DX-88 is a recombinant form of a small protein. Dyax will receive $15 million upfront, $2.5 million in a milestone payment in 2008 and up to $214 in clinical, regulatory and commercial milestones in the future.

Cubist will cover the costs of development in the licensed indications. In other indications, such as angiodemas, Dyax will retain its exclusive rights to DX-88.

Separately, Dyax gave its quarterly results on Thursday. The company reported a loss of $21.3 million, or 35 cents a share, vs. a loss of $20 million, or 44 cents a share in the year-ago quarter. Revenue remained flat at $2.6 million.

Dyax shares were down 14 cents, or 3.3%, at $4.06 in recent trading. Thursday, while Cubist was trading down 17 cents, or 0.9%, at $20.86.

Dyax also partners with

Sanofi-Aventis

(SNY) - Get Report

in another R&D deal. Shares of Sanofi were trading down 29 cents, or 0.7%, at $39.16. Among Dyax's competitors in the biotech space,

Inspire Pharmaceuticals

( ISPH) was trading down 0.9% at $3.50, and

Invitrogen

( IVGN) was 2% lower at $91.70.