Dyax secures $50m facility

Dyax Corp., a Cambridge biopharmaceutical company, said today that it has entered into a committed equity financing facility under which it may sell up to $50 million of its common stock to Azimuth Opportunity Ltd. over an 18-month period.

Dyax said in a press release that it is "not obligated to issue any shares to Azimuth under the $50 million facility and remains free to enter into other equity and debt financing transactions. Dyax did not pay a commitment fee, or issue any warrants, to secure this facility."

To read the full press release, please click here.

Dyax said that Azimuth is one of the funds of Acqua Capital Management Co. of Toronto.

"This is a transformational period for Dyax, as we finalize the commercialization strategy for DX-88 in hereditary angioedema," George Migausky, the company's executive vice president and chief financial officer, said in a statement. "Together with our existing capital resources, this equity facility provides Dyax additional financial flexibility to accomplish our commercial and growth strategies. These near-term growth objectives include the further development of DX-88 in other indications as well as the expansion and advancement of our internal pipeline of product candidates."

Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on oncology and inflammatory indications.
(By Chris Reidy, Globe staff)