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Oct 30, 2008

Dyax to Pocket $50M Equity Financing in Anticipation of HAE Drug Approval

  • Dyax entered into a committed equity financing facility with Azimuth Opportunity under which it may sell up to $50 million of its common stock over an 18-month period. The money will mainly be leverage to commercialize DX-88, which is under FDA review for hereditary angioedema (HAE).

    Dyax reports that it did not pay a commitment fee or issue any warrants to secure this facility. The firm will determine at its discretion but subject to certain conditions the timing, dollar amount, and floor price per share of each draw under this facility. When and if Dyax elects to use the facility, Dyax will issue shares to Azimuth at a small discount to the volume-weighted average price.

    “This is a transformational period for Dyax, as we finalize the commercialization strategy for DX-88 in hereditary angioedema,” remarks George Migausky, evp and CFO. “Together with our existing capital resources, this equity facility provides Dyax additional financial flexibility to accomplish our commercial and growth strategies. These near-term growth objectives include the further development of DX-88 in other indications as well as the expansion and advancement of our internal pipeline of product candidates.”

    On September 24, Dyax reported the submission of a BLA for DX-88 in HAE. The compound has orphan drug designation in the U.S. and EU as well as fast-track designation in the U.S.

    Additionally, DX-88 is being evaluated for the prevention of blood loss during on-pump cardiothoracic surgery through partner Cubist Pharmaceuticals. Cubist owns rights to the intravenous formulation of DX-88 for surgical indications in North America and Europe.

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