Dyax
Corp. (NASDAQ: DYAX)
today announced financial results for the fourth quarter and year ended
December 31, 2009. Dyax will host a webcast and conference call at 10
a.m. (ET) this morning to review the financial results and corporate
progress for the quarter.
“The year ended with a landmark accomplishment for Dyax, the approval of
our first product, KALBITOR, which was discovered and developed by Dyax.
The recent market launch of KALBITOR transitions our company into a new
and exciting stage – a fully integrated biopharmaceutical organization”
Financial Results
Total revenues for the fourth quarter ended December 31, 2009 were $6.3
million, as compared to $31.5 million for the comparable quarter in
2008. Revenues for the year ended December 31, 2009 were $21.6 million,
as compared to $43.4 million for the 2008 year. The higher 2008 revenue
was primarily due to revenue recognized in relation to new license and
collaboration agreements entered into during 2008, for which there was
no corresponding revenue recognized in 2009. Quarterly revenues are
expected to fluctuate due to the timing and amount of future milestone
payments, the clinical activities of collaborators and licensees, and
the timing and completion of contractual commitments.
Research and development expenses for the fourth quarter of 2009
decreased to $8.8 million, as compared to $16.4 million for the
comparable quarter in 2008. For the year ended December 31, 2009,
research and development expenses decreased to $46.6 million, as
compared to $68.1 million for the comparable period in 2008. Research
and development expenses decreased during the 2009 quarter due to cost
savings resulting from the restructuring in March 2009, as well as
decreases in manufacturing and other external research and development
expenses. For the twelve month 2009 period, the decrease in research and
development expenses was primarily due to lower clinical trials costs,
the closure of the Company’s Liege, Belgium research facility in
mid-2008, and cost savings resulting from the March 2009 restructuring.
These decreases were offset by an increase of approximately $5.8 million
in 2009 costs associated with the manufacture of DX-88 prior to FDA
approval. With this supply of DX-88, the Company has sufficient
commercial product for KALBITOR® (ecallantide) sales well
into 2011.
General and administrative expenses for the fourth quarter of 2009 were
$6.9 million, as compared to $7.0 million for the comparable quarter in
2008. For the year ended December 31, 2009, general and administrative
costs increased to $25.8 million, as compared to $22.7 million for the
2008 year. The higher general and administrative costs in 2009 were
primarily due to increased infrastructure to support plans for
commercialization of KALBITOR, a treatment for acute attacks of
hereditary angioedema (HAE) in patients 16 years of age and older, which
was recently made commercially available in the United States.
For the quarter ended December 31, 2009, Dyax reported a net loss of
$10.9 million or $0.14 per share, as compared to a net income of $6.4
million or $0.10 per share for the comparable quarter in 2008. Net
income in the 2008 quarter was due to the timing of recognition of
previously deferred revenue from license and collaboration agreements
entered into during 2008. For the year ended December 31, 2009, the net
loss was $62.4 million or $0.90 per share, as compared to $66.5 million
or $1.08 per share for the 2008 year.
As of December 31, 2009, Dyax had cash, cash equivalents, and
investments totaling $52.4 million, exclusive of restricted cash.