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CORRECTED - CORRECTED-UPDATE 1-Dyax posts narrower-than-expected Q4 loss
February 17, 2010 / 1:14 PM / in 8 years

CORRECTED - CORRECTED-UPDATE 1-Dyax posts narrower-than-expected Q4 loss

(Corrects day in last paragraph to Tuesday from Monday)

* Q4 loss/shr $0.14 vs est loss/shr $0.17

* Cash and equivalents as of Dec 31 at $52.4 mln

Feb 17 (Reuters) - Biotechnology firm Dyax Corp DYAX.O reported a narrower-than-expected quarterly loss, helped by a 46 percent fall in research and development expenses, and said it has sufficient cash to support ongoing operations into 2011.

For the fourth quarter, Dyax reported a net loss of $10.9 million, or 14 cents per share, compared with net income of $6.4 million, or 10 cents per share, in the year-ago period.

Revenue was $6.3 million.

Research and development costs fell to $8.8 million from $16.4 million.

Analysts on average were expecting the company to post a loss of 17 cents a share, on revenue of $4.7 million for the quarter, according to Thomson Reuters I/B/E/S.

Shares of Dyax closed at $3.34 Tuesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Vinu Pilakkott)

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