Dyax Corp. and Bayer Schering Pharma AG Enter Into a Collaboration Agreement for Discovery of Therapeutic Antibodies

Dyax Corp. announced today that they have entered into an agreement with Bayer Schering Pharma AG for the discovery of therapeutic antibodies

CAMBRIDGE, MA, USA | September 5, 2007 | Dyax Corp. (NASDAQ: DYAX) announced today that they have entered into an agreement with Bayer Schering Pharma AG for the discovery of therapeutic antibodies. Under the terms of this agreement, Dyax will identify therapeutic antibodies for two targets provided by Bayer Schering Pharma. Furthermore, these research activities may be expanded to allow Dyax to work on additional targets and/or allow Bayer Schering Pharma to exercise an option for an antibody library license. Dyax will receive clinical milestone payments and royalties on net sales that may result from Bayer Schering Pharma's development and commercialization of any antibodies discovered through the collaboration. The agreement also provides Bayer Schering Pharma with sublicenses to relevant third-party antibody phage display patents that may be used with Dyax's technology. Financial terms were not disclosed.

"Dyax consistently generates new therapeutic antibody technology collaborations and has developed into one of the leaders in the industry for antibody drug discovery," commented Henry E. Blair, Chairman, President and Chief Executive Officer of Dyax. "We are excited about the growing value of our Licensing and Funded Research Program, and look forward to building on its success in the future."

About Dyax
Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on oncology and inflammatory indications. Dyax utilizes its proprietary drug discovery technology to identify antibody, small protein and peptide compounds for clinical development.

Dyax's lead product candidate is DX-88, a recombinant small protein that is currently in clinical trials for its therapeutic potential in two separate indications. Dyax has completed three Phase 2 trials and a Phase 3 trial of DX-88 for the treatment of hereditary angioedema (HAE). A second Phase 3 trial, known as EDEMA4, is currently being conducted under a Special Protocol Assessment (SPA) agreed upon with the FDA. DX-88 has orphan drug designation in the U.S. and E.U., as well as Fast Track designation in the U.S. for the treatment of acute attacks of HAE.

Additionally, Dyax has completed a Phase 1/2 trial of DX-88 for the prevention of blood loss during on-pump coronary artery bypass graft (CABG) procedures. A Phase 2 trial for further development of DX-88 in on-pump cardiothoracic surgery (CTS), including CABG and heart valve replacement or repair procedures, is ongoing.

Dyax identified DX-88 and other compounds in its pipeline using its patented phage display technology, which rapidly selects compounds that bind with high affinity and specificity to therapeutic targets. Dyax leverages this technology broadly with over 70 revenue generating licenses and collaborations for therapeutic discovery, as well as in non-core areas such as affinity separations, diagnostic imaging, and research reagents. Under a 2006 funding arrangement with Paul Royalty Fund II, Dyax received a $30 million upfront cash payment in exchange for granting Paul Royalty the right to receive a specified percentage of the net royalties, including all milestones fees and other payments, receivable by Dyax under the LFRP through 2017.

Dyax is headquartered in Cambridge, Massachusetts, and has antibody discovery facilities in Liege, Belgium. For online information about Dyax Corp., please visit www.dyax.com.

Dyax Disclaimer
This press release contains forward-looking statements, including statements regarding the expected benefits of Dyax's license to Bayer Schering Pharma. Statements that are not historical facts are based on Dyax's current expectations, beliefs, assumptions, estimates, forecasts and projections about the industry and markets in which Dyax competes. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors which may affect the expected benefits of Dyax's license to Bayer Schering Pharma include the risks that: Dyax's future benefits from its non-exclusive licensing program depend on the efforts and priorities of its licensees, which may be subject to changes in the licensee's business direction or priorities; others may develop technologies or products superior to Dyax's phage display technologies; Dyax may not be able to obtain and maintain intellectual property protection for its products and technologies; and other risk factors described or referred to in Dyax's most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. Dyax cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Dyax undertakes no obligations to update or revise these statements, except as may be required by law. Dyax specifically disclaims responsibility for information describing Bayer Schering Pharma and its business other than the license with Dyax.

Dyax and the Dyax logo are registered trademarks of Dyax Corp. EDEMA4 is a service mark for Dyax Corp.

SOURCE: Dyax Corp.

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