April 26 /PRNewswire/ -- Dyax Corp. (Nasdaq: DYAX - news) 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. |
