Dyax Corp. Announces First Quarter 2001 Financial Results

Apr 26, 2001, 01:00 ET from Dyax Corp.

    CAMBRIDGE, Mass., April 26 /PRNewswire/ -- Dyax Corp. (Nasdaq:   DYAX) today
 announced financial results for the first quarter ended March 31, 2001.
     For the first quarter of 2001, the Company reported a net loss of
 $3,426,000 or ($0.18) per share compared to a net loss of $4,491,000 or
 ($1.97) per share in the comparable quarter of 2000.  In the first quarter of
 2001, the Company reported revenues of $7,068,000 compared to $4,807,000 for
 the same period in 2000, an increase of 47%.
     The increases in revenues for the first quarter of 2001, as compared with
 the first quarter of 2000, were primarily due to increases in revenues from
 product collaborations and licensing arrangements.  Dyax ended the 2001 first
 quarter with $68,378,000 in cash and cash equivalents, representing primarily
 the balance of the proceeds of the initial public offering in the third
 quarter of 2000.
     Commenting on Dyax's business, Henry Blair, Chairman and CEO said, "This
 quarter, Dyax has demonstrated continued progress in all areas of our
 business.  In addition to the two collaborations we signed with Abgenix and
 XTL Biopharmaceuticals, our two therapeutic candidates have both made advances
 in the clinic.  A Phase II clinical trial has been initiated for
 EPI-HNE-4 and the enrollment initiated for DX-88.  With a productive first
 quarter, we look forward to further progress with our clinical candidates as
 well as continued success with our collaborations in the months to come."
     In the first quarter of 2001, Dyax Corp. announced the following
 accomplishments:
 
     * A new collaboration with Abgenix to discover and develop human antibody
       therapeutics combining Dyax's phage display and Abgenix's human mouse
       technology;
     * A drug discovery collaboration with XTL Biopharmaceuticals that unites
       Dyax's proprietary phage display technology with XTL's TrimeraXTL
       technology;
     * The completion of Phase I trials for EPI-HNE-4 with Dyax's partner,
       Debiopharm S.A., as well as the initiation of a Phase II trial for the
       compound in Europe in adult cystic fibrosis patients; and
     * The completion a of Phase I trials for DX-88, Dyax's candidate for the
       treatment of hereditary angiodema (HAE) in conjunction with partner
       Genzyme.  In addition, enrollment of HAE patients for Phase II trials
       has now begun in Europe.
 
     Research and development expenses for the first quarter of 2001 increased
 to $4,133,000 from $3,885,000 in the first quarter of 2000.  Increases were
 due primarily to enhanced activities in our internal lead compound development
 programs.  Commenting on the quarter, Stephen Galliker, Chief Financial
 Officer of Dyax Corp., said, "We would expect to see increases in research and
 development expenses over the upcoming three quarters in the range of 10-20%
 per quarter as we move further along in clinical trials for our two lead
 compounds and continue to expand our preclinical pipeline."
 
     Conference Call
     The Company will host a conference call and question and answer session at
 10:00 am Eastern today to discuss these financial results.  Dial (800) 238-
 9007 to access the conference call.  International callers should dial (719)
 457-2622 and reference access code: 750508. The event Web cast will be
 accessible from the Investor Relations page on Dyax's corporate web site at
 www.dyax.com, and will be archived at this site following the call.  A replay
 of the conference call will be available for one week following the call, and
 can be accessed by dialing (888) 203-1112 within the U.S., or (719) 457-0820
 for international callers. The replay access code is 750508.
 
     Dyax Corp. is a biopharmaceutical company that has developed and patented
 phage display technology with applications in the discovery and development of
 a broad range of compounds for the treatment and diagnosis of diseases and for
 the purification and manufacture of biopharmaceuticals and other chemicals.
 Through the use of phage display technology, Dyax's scientists, collaborators
 and licensees seek to discover peptides and proteins, including human
 antibodies, that bind tightly to specific molecular targets. The Company,
 through a subsidiary, also develops, manufactures and sells chromatography
 separations systems and products under the Biotage trade name.  For additional
 information, visit www.dyax.com.
 
     This press release contains forward-looking statements, including
 statements regarding our results of operations, research and development
 expenditures and programs, clinical trials and collaborations.  Statements
 that are not historical facts are based on our current expectations, beliefs,
 assumptions, estimates, forecasts and projections for Dyax and the industry
 and markets in which Dyax competes.  The statements contained in this release
 are not guarantees of future performance and involve certain risks,
 uncertainties and assumptions which are difficult to predict.  Therefore,
 actual outcomes and results may differ materially from what is expressed in
 such forward-looking statements.  Important factors which may affect future
 operating results, research and development programs, clinical trials and
 collaborations include our dependence on the expertise, effort, priorities and
 contractual obligations of our collaborators in the development, clinical
 trials, manufacture, marketing, sales and distribution of our
 biopharmaceuticals; the risk that biopharmaceuticals developed by us or our
 collaborators may not show therapeutic effect or an acceptable safety profile
 in clinical trials or could take a significantly longer time to gain
 regulatory approval than we expect or may never gain approval; the risk that
 our phage display-derived products may not gain market acceptance; our ability
 to obtain and maintain intellectual property protection for our products and
 technologies; the development of technologies or products superior to our
 technologies or products; and other risk factors described or referred to in
 our most recent Form 10-K and other periodic reports filed with the Securities
 and Exchange Commission.
 
 
                                                    Three Months Ended
                                                        March 31,
                                               2001                   2000
                                                       (unaudited)
     Revenue:
         Product sales                       $3,846,000             $3,378,000
         Product development and license
          fee revenues                        3,222,000              1,429,000
     Total revenues                           7,068,000              4,807,000
 
     Operating expenses:
         Cost of products sold                1,768,000              1,493,000
         Research and development:
             Other research and development   3,962,000              3,703,000
             Noncash compensation               171,000                182,000
         Selling, general and
          administrative:
             Other selling, general and
              administrative                  5,250,000              3,856,000
             Noncash compensation expense       209,000                222,000
     Total operating expenses                11,360,000              9,456,000
 
     Loss from operations                    (4,292,000)            (4,649,000)
         Interest income, net                   866,000                158,000
     Net loss                               $(3,426,000)           $(4,491,000)
 
     Basic and diluted net loss per share        $(0.18)                $(1.97)
 
     Weighted average number of shares used
      in computing basic and diluted net
      loss per share                         19,099,185              2,277,725
 
 
                         SELECTED BALANCE SHEET INFORMATION
 
                                                 March 31,        December 31,
                                                   2001               2000
                                                (unaudited)
 
     Cash and cash equivalents                  $68,378,000        $74,205,000
     Working capital                             67,987,000         71,798,000
     Total assets                                86,691,000         91,405,000
     Stockholders' equity                        66,802,000         69,857,000
 
 
      Contacts:
 
      Jessica Wolfe
      Director, Investor Relations
      Dyax Corp.
      (617) 225-2500
      jwolfe@dyax.com
 
      Doug MacDougall
      Kari Lampka
      Feinstein Kean Healthcare
      (617) 577-8110
      klampka@fkhealth.com
 
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X96687564
 
 

SOURCE Dyax Corp.
    CAMBRIDGE, Mass., April 26 /PRNewswire/ -- Dyax Corp. (Nasdaq:   DYAX) today
 announced financial results for the first quarter ended March 31, 2001.
     For the first quarter of 2001, the Company reported a net loss of
 $3,426,000 or ($0.18) per share compared to a net loss of $4,491,000 or
 ($1.97) per share in the comparable quarter of 2000.  In the first quarter of
 2001, the Company reported revenues of $7,068,000 compared to $4,807,000 for
 the same period in 2000, an increase of 47%.
     The increases in revenues for the first quarter of 2001, as compared with
 the first quarter of 2000, were primarily due to increases in revenues from
 product collaborations and licensing arrangements.  Dyax ended the 2001 first
 quarter with $68,378,000 in cash and cash equivalents, representing primarily
 the balance of the proceeds of the initial public offering in the third
 quarter of 2000.
     Commenting on Dyax's business, Henry Blair, Chairman and CEO said, "This
 quarter, Dyax has demonstrated continued progress in all areas of our
 business.  In addition to the two collaborations we signed with Abgenix and
 XTL Biopharmaceuticals, our two therapeutic candidates have both made advances
 in the clinic.  A Phase II clinical trial has been initiated for
 EPI-HNE-4 and the enrollment initiated for DX-88.  With a productive first
 quarter, we look forward to further progress with our clinical candidates as
 well as continued success with our collaborations in the months to come."
     In the first quarter of 2001, Dyax Corp. announced the following
 accomplishments:
 
     * A new collaboration with Abgenix to discover and develop human antibody
       therapeutics combining Dyax's phage display and Abgenix's human mouse
       technology;
     * A drug discovery collaboration with XTL Biopharmaceuticals that unites
       Dyax's proprietary phage display technology with XTL's TrimeraXTL
       technology;
     * The completion of Phase I trials for EPI-HNE-4 with Dyax's partner,
       Debiopharm S.A., as well as the initiation of a Phase II trial for the
       compound in Europe in adult cystic fibrosis patients; and
     * The completion a of Phase I trials for DX-88, Dyax's candidate for the
       treatment of hereditary angiodema (HAE) in conjunction with partner
       Genzyme.  In addition, enrollment of HAE patients for Phase II trials
       has now begun in Europe.
 
     Research and development expenses for the first quarter of 2001 increased
 to $4,133,000 from $3,885,000 in the first quarter of 2000.  Increases were
 due primarily to enhanced activities in our internal lead compound development
 programs.  Commenting on the quarter, Stephen Galliker, Chief Financial
 Officer of Dyax Corp., said, "We would expect to see increases in research and
 development expenses over the upcoming three quarters in the range of 10-20%
 per quarter as we move further along in clinical trials for our two lead
 compounds and continue to expand our preclinical pipeline."
 
     Conference Call
     The Company will host a conference call and question and answer session at
 10:00 am Eastern today to discuss these financial results.  Dial (800) 238-
 9007 to access the conference call.  International callers should dial (719)
 457-2622 and reference access code: 750508. The event Web cast will be
 accessible from the Investor Relations page on Dyax's corporate web site at
 www.dyax.com, and will be archived at this site following the call.  A replay
 of the conference call will be available for one week following the call, and
 can be accessed by dialing (888) 203-1112 within the U.S., or (719) 457-0820
 for international callers. The replay access code is 750508.
 
     Dyax Corp. is a biopharmaceutical company that has developed and patented
 phage display technology with applications in the discovery and development of
 a broad range of compounds for the treatment and diagnosis of diseases and for
 the purification and manufacture of biopharmaceuticals and other chemicals.
 Through the use of phage display technology, Dyax's scientists, collaborators
 and licensees seek to discover peptides and proteins, including human
 antibodies, that bind tightly to specific molecular targets. The Company,
 through a subsidiary, also develops, manufactures and sells chromatography
 separations systems and products under the Biotage trade name.  For additional
 information, visit www.dyax.com.
 
     This press release contains forward-looking statements, including
 statements regarding our results of operations, research and development
 expenditures and programs, clinical trials and collaborations.  Statements
 that are not historical facts are based on our current expectations, beliefs,
 assumptions, estimates, forecasts and projections for Dyax and the industry
 and markets in which Dyax competes.  The statements contained in this release
 are not guarantees of future performance and involve certain risks,
 uncertainties and assumptions which are difficult to predict.  Therefore,
 actual outcomes and results may differ materially from what is expressed in
 such forward-looking statements.  Important factors which may affect future
 operating results, research and development programs, clinical trials and
 collaborations include our dependence on the expertise, effort, priorities and
 contractual obligations of our collaborators in the development, clinical
 trials, manufacture, marketing, sales and distribution of our
 biopharmaceuticals; the risk that biopharmaceuticals developed by us or our
 collaborators may not show therapeutic effect or an acceptable safety profile
 in clinical trials or could take a significantly longer time to gain
 regulatory approval than we expect or may never gain approval; the risk that
 our phage display-derived products may not gain market acceptance; our ability
 to obtain and maintain intellectual property protection for our products and
 technologies; the development of technologies or products superior to our
 technologies or products; and other risk factors described or referred to in
 our most recent Form 10-K and other periodic reports filed with the Securities
 and Exchange Commission.
 
 
                                                    Three Months Ended
                                                        March 31,
                                               2001                   2000
                                                       (unaudited)
     Revenue:
         Product sales                       $3,846,000             $3,378,000
         Product development and license
          fee revenues                        3,222,000              1,429,000
     Total revenues                           7,068,000              4,807,000
 
     Operating expenses:
         Cost of products sold                1,768,000              1,493,000
         Research and development:
             Other research and development   3,962,000              3,703,000
             Noncash compensation               171,000                182,000
         Selling, general and
          administrative:
             Other selling, general and
              administrative                  5,250,000              3,856,000
             Noncash compensation expense       209,000                222,000
     Total operating expenses                11,360,000              9,456,000
 
     Loss from operations                    (4,292,000)            (4,649,000)
         Interest income, net                   866,000                158,000
     Net loss                               $(3,426,000)           $(4,491,000)
 
     Basic and diluted net loss per share        $(0.18)                $(1.97)
 
     Weighted average number of shares used
      in computing basic and diluted net
      loss per share                         19,099,185              2,277,725
 
 
                         SELECTED BALANCE SHEET INFORMATION
 
                                                 March 31,        December 31,
                                                   2001               2000
                                                (unaudited)
 
     Cash and cash equivalents                  $68,378,000        $74,205,000
     Working capital                             67,987,000         71,798,000
     Total assets                                86,691,000         91,405,000
     Stockholders' equity                        66,802,000         69,857,000
 
 
      Contacts:
 
      Jessica Wolfe
      Director, Investor Relations
      Dyax Corp.
      (617) 225-2500
      jwolfe@dyax.com
 
      Doug MacDougall
      Kari Lampka
      Feinstein Kean Healthcare
      (617) 577-8110
      klampka@fkhealth.com
 
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X96687564
 
 SOURCE  Dyax Corp.