Key Developments For Dyax Corp
Dyax Corp (DYAX.O) (Consolidated Issue listed on NASDAQ Global Market)
Dyax Corp. Announces New Developments Related To Phage Display Discovered Drug Candidates
Dyax Corp. announced the new developments involving drug candidates identified using the Company's phage display technology as a result of two deals recently announced by sanofi-aventis.
Dyax Corp. Announces Completion of Common Stock Offering
Dyax Corp. announced the completion of the public offering of 5,500,000 shares of its common stock. The net proceeds to Dyax from the sale of shares in this offering, after deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $20.5 million. Dyax intends to use the net proceeds from the offering to fund the development and commercialization of DX-88, the Company`s ongoing research and preclinical activities, and for general corporate purposes. Jefferies & Company, Inc. acted as sole book-running manager in this offering.
Dyax Corp. Announces Pricing Of Public Offering Of Common Stock
Dyax Corp. announced the pricing of a public offering of 5,500,000 shares of its common stock. The offering is expected to close on or about October 5, 2009. In addition, Dyax has granted the underwriter a 30 day option to purchase up to an additional 825,000 shares of common stock to cover over-allotments, if any. Jefferies & Company, Inc. is acting as sole book-running manager in this offering.
Dyax Corp. Announces Developments in Licensing and Funded Research Program
Dyax Corp. announced successful advancement into Phase 1 clinical trials of two candidates identified using Dyax`s phage display technology by licensees of the Company's Licensing and Funded Research Program (LFRP). LFRP licensee ImClone Systems, a wholly-owned subsidiary of Eli Lilly and Company, recently announced it initiated clinical development for oncology candidate IMC-EB10, ImClone`s anti-FLT3 antibody, for the treatment of acute myelogenous leukemia. Dyax received a milestone payment of $1.5 million for commencement of the Phase 1 trial which was initiated in the second quarter of 2009. Additionally, Dyax licensee MedImmune, the biologics business of AstraZeneca, announced it has advanced MEDI-547, an antibody-drug conjugate targeting EphA2 receptor for oncology indications. Dyax will receive an undisclosed milestone payment for the Phase 1 trial initiation. Dyax is eligible to receive additional future milestones associated with the development of IMC-EB10 and MEDI-547, as well as royalties on potential future net sales. In addition to IMC-EB10, ImClone has three other antibodies in clinical development that it identified using Dyax`s phage display technology. ImClone`s anti-VEGFR2 antibody IMC-1121B is currently in Phase 3 development for metastatic breast cancer and gastric cancer. Additionally, Phase 3 development is expected to begin for ImClone`s anti-EGFR antibody IMC-11F8 by the end of 2009.
Dyax Corp. Announces Underwriter's Exercise Of Over-Allotment Option
Dyax Corp. announced that Deutsche Bank Securities Inc. exercised in full its over-allotment option and will purchase an additional 1,113,862 shares of the Company's common stock at a public offering price of $2.02 per share, which will bring the aggregate net proceeds from the offering to approximately $16.1 million. The over-allotment option was granted to the underwriter by Dyax in connection with its recent agreement to sell approximately 7.4 million shares of its common stock. The offering of both the initial and the over-allotment shares is expected to close on or about June 30, 2009. Deutsche Bank Securities Inc. was the sole underwriter for the offering.
