Dyax Corp. Announces Extension of Antibody Library Collaboration with ImClone SystemsCAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov 8, 2007 - Dyax Corp. (NASDAQ: DYAX) announced today the extension of the antibody library collaboration with ImClone Systems Incorporated (NASDAQ: IMCL) for the discovery of therapeutic antibodies. Under the terms of this agreement, ImClone will continue to have access to Dyax's proprietary phage display technology for an additional four years.
To date, ImClone has successfully advanced into Phase 2 clinical trials three fully human monoclonal antibodies against EGFR, IGF-1R and KDR that were identified using Dyax's proprietary technology. Under the extended agreement, Dyax will continue to receive annual license fees from ImClone, as well as clinical milestone payments and royalties on net sales that may result from ImClone's development and commercialization of antibodies from Dyax's libraries.
"Dyax's powerful proprietary phage display technology has attracted a large portfolio of companies that have demonstrated a commitment to develop antibody therapeutic products. ImClone's expertise in this area is impressive, and we are excited for the three Dyax-based antibody programs in ImClone's clinical pipeline, as well as other potential candidates in the future," commented Henry E. Blair, Chairman, President and Chief Executive Officer of Dyax. "This extended agreement with ImClone validates the strength of our proprietary technology in successfully identifying human monoclonal antibodies in key therapeutic areas."
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). 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.
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.
This press release contains forward-looking statements, including statements regarding the expected benefits of Dyax's license to ImClone. 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 ImClone 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 ImClone and its business other than the license with Dyax.
Dyax, the Dyax logo and EDEMA4 are registered trademarks of Dyax Corp.
Ivana MagovÄ?eviÄ?-Liebisch, 617-250-5759
General Counsel and Executive Vice President
Nicole Jones, 617-250-5744
Associate Director, Investor Relations and
Posted: November 2007