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Corporate Progress:
“Throughout the year, we made tremendous progress in positioning Dyax for the next stage of transition and growth, which will include delivery of DX-88 partnerships, clinical trial data announcements and market approval for the HAE indication,” stated Henry E. Blair, Chairman, President and Chief Executive Officer of Dyax. “In 2007, we advanced our clinical programs for DX-88 by initiating a second Phase 3 trial for HAE and a Phase 2 trial for on-pump CTS. Furthermore, we strengthened the DX-88 patent portfolio with the receipt of a Composition of Matter patent, protecting our exclusivity on the protein until 2023. We are also extremely pleased by the progress made with our emerging discovery and preclinical pipeline, which maintains over ten active programs in the areas of oncology and inflammation.”
“In addition to utilizing our proprietary technology to fuel our internal pipeline of drug candidates, we have successfully leveraged phage display into important revenue-generating partnerships. The value of our technology was demonstrated by the addition of a new licensing agreement completed during the quarter with MorphoSys, as well as, the recently announced sanofi-aventis antibody agreements.” Mr. Blair continued, “As one of the last independent antibody discovery platforms available for licensing in the biotechnology space, and with proven ability to identify and advance compounds through the clinic, we anticipate using our technology to deliver future higher-level strategic partnerships.”
2008 Guidance:
Stephen S. Galliker, Executive Vice President and Chief Financial Officer of Dyax, stated, “With respect to Dyax’s 2008 guidance, we anticipate reducing our cash burn from 2007 through strategic collaborations and partnerships. Since the exact timing of agreements cannot be predicted, Dyax will not provide guidance for expected cash consumption in 2008 at this time. However, we are forecasting that existing cash and planned partnerships will provide sufficient funding through to anticipated DX-88 commercialization early in 2009.”
Webcast and Conference Call
Dyax Corp. will host a webcast and conference call, including an open question and answer session.
Date:
Wednesday, February 27, 2008
Time:
10:00 a.m. ET
Telephone Access:
Domestic callers, dial 800-573-4754
International callers, dial 617-224-4325
Passcode 28517619
Online Access:
Go to the Investor Relations section of the Dyax website (www.dyax.com) and follow instructions for accessing the live webcast. Participants may register in advance.
A replay of the conference call will be available through March 27, 2008 and may be accessed by dialing 888-286-8010. International callers should dial 617-801-6888. The replay passcode for all callers is 40345120. The webcast will be archived on the Dyax website for an indefinite period of time.
About Dyax
Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on oncology and inflammatory indications. Dyax utilizes its proprietary drug discovery technology to identify antibody, small protein and peptide compounds for clinical development.
Dyax’s lead product candidate is DX-88, a recombinant small protein that is currently in clinical trials for its therapeutic potential in two separate indications. Dyax has completed three Phase 2 trials and a Phase 3 trial of DX-88 for the treatment of hereditary angioedema (HAE). A second Phase 3 trial, known as EDEMA4, is currently being conducted under a Special Protocol Assessment (SPA). DX-88 has orphan drug designation in the U.S. and E.U., as well as Fast Track designation in the U.S. for the treatment of acute attacks of HAE.
Additionally, Dyax has completed a Phase 1/2 trial of DX-88 for the prevention of blood loss during on-pump coronary artery bypass graft (CABG) procedures. A Phase 2 trial for further development of DX-88 in on-pump cardiothoracic surgery (CTS), including CABG and heart valve replacement or repair procedures, is ongoing.
Dyax identified DX-88 and other compounds in its pipeline using its patented phage display technology, which rapidly selects compounds that bind with high affinity and specificity to therapeutic targets. Dyax leverages this technology broadly with over 70 revenue generating licenses and collaborations for therapeutic discovery, as well as in non-core areas such as affinity separations, diagnostic imaging, and research reagents. Under a 2006 funding arrangement with Paul Royalty Fund II, Dyax received a $30 million upfront cash payment in exchange for granting Paul Royalty the right to receive a specified percentage of the net royalties, including all milestones fees and other payments, receivable by Dyax under the LFRP through 2017.