CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 9, 2002--Dyax Corp. (Nasdaq: DYAX - News) announced today that with the Company's increasing focus on therapeutic product development, it has reduced the scope of its discovery research programs. As a consequence of this strategic transition, Dyax has reduced its total workforce by 21 people (16% of its biopharmaceutical workforce) from its Cambridge and Liege, Belgium facilities. This staff reduction does not impact the resources available for advancing the Company's current clinical development programs in cystic fibrosis, hereditary angioedema and cardiopulmonary bypass, nor does it impact specific pre-clinical programs that the Company believes hold the greatest potential to become clinical product candidates for Dyax.
"This staff reduction has been a very difficult decision," said Henry E. Blair, Chairman and Chief Executive Officer of Dyax. "We believe however, that current market conditions, in combination with our stated corporate objective of accelerating Dyax's biopharmaceutical product development, necessitate these measures. While early stage research programs are being scaled back, they are by no means being eliminated. Rather, these programs will be more focused on specific targets, with the aim of providing a pipeline of therapeutic product candidates to complement our two lead compounds in phase II clinical development, DX-88 and DX-890. Advancing therapeutic compounds into and through clinical trials, which we believe will maximize shareholder value, remains our primary focus."
"With this workforce reduction and other cost-saving measures, we expect to realize annualized savings of approximately $4 million to $5 million. The cost to Dyax of the associated severance will be approximately $650,000, which will be taken as a one-time charge during the third quarter of 2002," stated Stephen S. Galliker, Chief Financial Officer for Dyax. "Our increasing focus on programs that can be successfully licensed or partnered, coupled with these cost reductions, should help the Company achieve its objectives of generating near-term revenue as well as maintaining resources capable of supporting the Company for at least two years," added Mr. Galliker. |
