Dyax Corp. Announces Second Quarter 2012 Financial Results

Dyax Corp. (NASDAQ: DYAX) today announced financial results for the second quarter ended June 30, 2012. 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 KALBITOR ® (ecallantide) business and angioedema franchise, as well as the Licensing and Funded Research Program (LFRP).

Highlights of the second quarter 2012 include:
  • KALBITOR net sales increased to $9.2 million, a 14% increase over first quarter 2012;
  • 518 patients have treated with KALBITOR, up 12% from the previous quarter;
  • Operating cash burn in the second quarter was reduced to $7.0 million, down from $8.5 million in the prior quarter; and
  • Cash, cash equivalents and investments at June 30, 2012 totaled approximately $38.6 million.

“During the second quarter of 2012, our financial results were driven by the strong performance of our KALBITOR business,” stated Gustav Christensen, President and Chief Executive Officer of Dyax. “We have made significant strides in providing the HAE community with a comprehensive set of support and service programs. We are carrying this momentum into developing the angioedema franchise with a goal to ultimately diagnose and treat a broader set of plasma kallikrein (bradykinin) mediated angioedemas. Additionally, the Licensing and Funded Research Program continues to be an important near- and long-term driver of growth for Dyax.”

2012 Second Quarter Financial Results

Total revenues for the second quarter ended June 30, 2012 were $14.0 million, as compared to $21.9 million for the comparable quarter in 2011. Included in the 2012 revenues were $9.2 million of KALBITOR net sales, as compared to $5.2 million for 2011. The 2011 quarter revenues included $10.7 million of revenue associated with an expanded partnership with Sigma-Tau. Total revenues for the six months ended June 30, 2012 were $25.5 million compared to $30.1 million for the comparable period in 2011, and included $17.2 million and $9.3 million of KALBITOR net sales in 2012 and 2011, respectively.

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