Dyax Corp. (DYAX) Announces Pricing of Public Offering of Common Stock; Expects To Raise $51 Million

Dyax Corp. (DYAX) Announces Pricing of Public Offering of Common Stock; Expects To Raise $51 Million

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dyax Corp. (NASDAQ: DYAX - News) today announced the pricing of an underwritten public offering of 17,000,000 shares of its common stock at a price to the public of $3.25 per share. The gross proceeds from the sale of shares, after underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $51.8 million. The offering is expected to close on or about March 30, 2010, subject to customary closing conditions.

Jefferies & Company, Inc. is acting as the sole book-running manager of the offering with Needham & Company, LLC acting as the co-lead manager. Dyax has granted the underwriters a 30-day option to purchase up to 2,550,000 additional shares of common stock at the public offering price to cover over-allotments, if any.

Dyax intends to use the net proceeds from this offering to fund commercialization and distribution activities for KALBITOR® (ecallantide), our lead product for the treatment of acute attacks for hereditary angioedema, to fund other research and preclinical development activities, and for general corporate purposes.

A registration statement relating to the shares of Dyax common stock being offered has been filed with, and declared effective by, the Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement relating to the offering has also been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and related prospectus, when available, may be obtained from Jefferies & Company, Inc., Attention: Syndicate Prospectus Department, 520 Madison Avenue, New York, NY, 10022 or at (888) 449-2342. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Dyax

Dyax is a fully integrated biopharmaceutical company focused on discovering, developing and commercializing novel biotherapeutics for unmet medical needs, with an emphasis on inflammatory and oncology indications. Dyax utilizes its proprietary drug discovery technology to identify antibody, small protein and peptide compounds for clinical development. Dyax's first product, KALBITOR® (ecallantide), is available in the United States for the treatment of acute attacks of hereditary angioedema in patients 16 years of age and older.

Dyax's lead product candidate is DX-88, a recombinant, small protein that is being evaluated for its therapeutic potential in other angioedema indications (acquired and ACE inhibitor-induced angioedemas). Additional DX-88 indications are being evaluated through Dyax's partners: Cubist Pharmaceuticals is in Phase 2 for the reduction of blood loss during on-pump cardiac surgery and Fovea Pharmaceuticals (sanofi aventis) is in a Phase 1 trial for retinal vein occlusion-induced macular edema.

DX-88 and other compounds in Dyax's pipeline were identified 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. For online information about Dyax Corp., please visit www.dyax.com.

Dyax Disclaimer

This press release contains forward-looking statements, including statements regarding the completion of Dyax's proposed sale of common stock and the use of proceeds from that sale, that involve a number of risks and uncertainties. Statements that are not historical facts are based on Dyax's current expectations, beliefs and assumptions regarding the market for its common stock. There can be no assurance regarding the completion, timing or size of the proposed offering. Important factors that could cause actual outcomes to differ materially from those indicated by these forward-looking statements include risks and uncertainties related to market conditions, the satisfaction of customary closing conditions related to the proposed public offering and others described in Dyax's most recent Annual Report on Form 10-K for the year ended December 31, 2009. 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.