Dyax Corp., one of the smaller biotech players, is developing biotherapeutics for cancers and inflammatory conditions. Dyax Corp. has developed drug discovery technology to identify antibody, small protein and peptide compounds for clinical development.
Dyax's market price has recently been dominated by news around its main product candidate, DX-88 (ecallantide), a small protein presently (2007) in clinical trials for potential in treating hereditary angioedema (HAE) as well as preventing blood loss during certain heart procedures. HAE is a rare but potentially life-threatening disorder that has no approved therapy in the United States.
Amongst its other product candidates, DX-2240 is the most advanced. It is a monoclonal antibody that targets a protein receptor that is suspected to be important in the process of tumor blood vessel formations known as angiogenesis. This drug is expected to enter into human clinical trials in 2007 and 2008.
Dyax licenses its phage display technology to more than 50 other players in the industry, who between them have 13 product candidates and more than 50 additional products being researched. Five of these licensees are new as of 2006.
As of December 31, 2006, Dyax had a total of $60.5 million USD in cash, cash equivalents and investments. On July 9, 2007, Dyax announced an additional public offering of 9.5 million shares.
Dyax has been operating at a net loss in the 30-50 million USD range for several years.