Dyax Corporation, a Massachusetts biopharmaceutical company, has announced third quarter revenues of $5.5 million, compared with $2.6 million for the comparable quarter in 2007, an increase of 111%. In addition, revenues for the nine-month period ending September 30, 2008, increased to $12.0 million, compared to $7.9 million for the comparable nine-month period in 2007, an increase of nearly 52%.
The dramatic increase in revenue was due largely to returns from license and collaboration agreements, including $2.5 million received under the company’s Licensing & Funded Research Program (LFRP). Dyax has also received $38.2 million from licensing and collaboration agreements for its proprietary programs, exclusive of LFRP, though all but $1.6 million of that is deferred to future payments.
Dyax was founded with the goal of developing and commercializing innovative biopharmaceuticals, with a focus on medical advances in the areas of cancer and inflammation. Current therapeutic product candidates include fully human monoclonal antibodies as well as small proteins and peptides. The company’s core proprietary “phage display” technology allows for the rapid identification of compounds that bind with therapeutic targets. The technology allows Dyax to produce large libraries of human antibodies, peptides, and proteins, which can be screened for use as potential binders for target molecules.
The company’s current lead product candidate, DX-88, is now in clinical trials for the prevention of blood loss during coronary artery bypass graft procedures, and for the treatment of hereditary angioedema. Hereditary angioedema is a rare but serious immune system trait that can cause facial and airway swelling, and abdominal cramping.
Dyax has development collaboration agreements with Genzyme Corporation (GENZ), and worked closely with Genzyme in the development of DX-88. Dyax also has a license agreement with Debiopharm, a global biopharmaceutical development company based in Switzerland.
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