Thursday, August 7, 2008

Dyax taps Migausky as new CFO

By Mass High Tech Staff

Biotherapeutics company Dyax Corp. reports it has named George Migausky as executive vice president and chief financial officer, who will be replacing Steve S. Galliker, who is retiring.

Before coming to Cambridge-based Dyax (Nasdaq: DYAX), Migausky served as CFO of Wellstat Management Co. He has also held CFO positions at a number of public and private companies, including Maryland firm BioVeris Corp. and Igen International Inc., as well as Hyperion Catalysis International Inc. in Cambridge and ElectroScan Corp. of Wilmington.

At Igen International, Migausky helped prepare the company for its initial public offering in 1994, its merger with F. Hoffman La Roche in 2004 and the simultaneous spinoff of BioVeris Corp. as an independent public company. A certified public accountant, he received an MBA from Babson College and a bachelor’s degree from Boston College.

Earlier this week Dyax secured a $50 million loan with equity firm Cowen Healthcare Royalty Partners LP. Some of the funds will be used to buy back its interest from a previous royalty agreement made in August 2006 with Paul Royalty Fund II LP.  At that time, Dyax entered into a licensing deal for the use of one of company’s drug discovery research tools.

Dyax reported a 2007 net loss of $56.3 million on revenue of $26.1 million. It employs a total of 177 workers.