Dyax issues quarterly results
Dyax Corp., a Cambridge biotechnology company, said today that its second-quarter loss widened as research-and-development expenses grew.
For the quarter that ended June 30, Dyax reported a net loss of $24.9 million, or $0.41 per share, compared with a net loss of $17.9 million, or $0.37 per share, for the comparable quarter in 2007.
Second quarter revenues increased 46 percent to $3.8 million, versus $2.6 million in the year-ago quarter, Dyax said.
Research and development expenses for the second quarter increased to $18 million from $15.5 million a year ago, the company said.
At the end of the second quarter 2008, Dyax said it moved to close its Liege, Belgium research facility and recorded a related restructuring charge of about $3.8 million; the closing of that facility should result in roughly $7 million in annual cost savings, Dyax said.
As of June 30, Dyax said it had a total of $67.9 million in cash, cash equivalents, and short-term and long-term investments, exclusive of restricted cash.
During the quarter, Dyax said it made progress in moving toward the US commercialization of its drug candidate DX-88 in indications for hereditary angioedema, a rare swelling disorder.
While the US commercialization of DX-88 in hereditary angioedema indications remains the company's top priority, Dyax is also moving forward to gain approvals for DX-88 in other uses, the company said.
For some previous coverage of Dyax, please click here.
(By Chris Reidy, Globe staff)
