Dyax Corp. (NASDAQ: DYAX) today announced financial results for the
second quarter ended June 30, 2012. Dyax will host a webcast and
conference call at 5:00 p.m. (ET) today to review financial results and
provide updates regarding its key value drivers - the KALBITOR®
(ecallantide) business and angioedema franchise, as well as the
Licensing and Funded Research Program (LFRP).
Highlights of the second quarter 2012 include:
KALBITOR net sales increased to $9.2 million, a 14% increase over
first quarter 2012;
518 patients have treated with KALBITOR, up 12% from the previous
Operating cash burn in the second quarter was reduced to $7.0 million,
down from $8.5 million in the prior quarter; and
Cash, cash equivalents and investments at June 30, 2012 totaled
approximately $38.6 million.
"During the second quarter of 2012, our financial results were driven by
the strong performance of our KALBITOR business," stated Gustav
Christensen, President and Chief Executive Officer of Dyax. "We have
made significant strides in providing the HAE community with a
comprehensive set of support and service programs. We are carrying this
momentum into developing the angioedema franchise with a goal to
ultimately diagnose and treat a broader set of plasma kallikrein
(bradykinin) mediated angioedemas. Additionally, the Licensing and
Funded Research Program continues to be an important near- and long-term
driver of growth for Dyax."
2012 Second Quarter Financial Results
Total revenues for the second quarter ended June 30, 2012 were $14.0
million, as compared to $21.9 million for the comparable quarter in
2011. Included in the 2012 revenues were $9.2 million of KALBITOR net
sales, as compared to $5.2 million for 2011. The 2011 quarter revenues
included $10.7 million of revenue associated with an expanded
partnership with Sigma-Tau. Total revenues for the six months ended June
30, 2012 were $25.5 million compared to $30.1 million for the comparable
period in 2011, and included $17.2 million and $9.3 million of KALBITOR
net sales in 2012 and 2011, respectively.
Quarterly and annual revenues are expected to continue 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.
Cost of product sales for KALBITOR for the second quarter of 2012 was
$416,000, as compared to $282,000 for the comparable quarter in 2011.
For the six months ended June 30, 2012, cost of product sales were $1.0
million, as compared to $521,000 for the comparable period in 2011.
Costs associated with manufacturing KALBITOR drug substance, which were
incurred prior to KALBITOR's approval in the United States, were
expensed as research and development costs and, accordingly, are not
included in the cost of product sales during the 2012 and 2011 periods.
Research and development expenses for the second quarter of 2012 were
$8.7 million, as compared to $10.1 million for the comparable quarter in
2011. For the six months ended June 30, 2012, research and development
expenses were $16.5 million, as compared to $17.6 million for the same
period in 2011.