Drug maker Dyax's loss widens

Dyax Corp., a Cambridge drug company, today said its losses doubled in the first quarter of 2007, as it continued investing in an experimental drug to treat a rare skin disorder.

The company posted a net loss of $20 million, or 44 cents per share, versus a loss of $10 million, or 26 cents per share, in the same period last year.

Dyax’s widening loss was mainly caused by its increased research and development budget, which grew to $20.3 million in the quarter, from $10.6 million last year.

This month Dyax announced positive trial results for its experimental drug DX-88, which is designed to treat swelling under the skin caused by hereditary angioedema. The news came after Genzyme Corp. terminated an agreement to codevelop the drug with Dyax, following requests for more data from government regulators.
(AP)