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Biotherapeutics company Dyax Corp. says it is raising $15 million through a follow-on offering of 7.4 million shares of its common stock at a price of $2.02 per share.
Dyax reports it intends to use the money raised in the offering to fund the development and commercialization of DX-88, the company’s treatment for the rare and often fatal condition hereditary angioedema. In addition, Dyax will use the cash to fund ongoing research and preclinical activities, as well as for general corporate purposes.
According to the Cambridge-based company, the price per share is equal to the closing price of Dyax’s common stock on June 24. Dyax (Nasdaq: DYAX) says it expects to garner net proceeds of approximately $14 million, after underwriting fees and estimated offering expenses.
Dyax has also granted the underwriter, Deutsche Bank Securities Inc., a 30-day option to buy up to an additional 1.1 million shares of common stock to cover any possible over-allotments.
In June, Dyax reported good results from Phase 3 studies of DX-88, noting that the drug relieved acute attacks of hereditary angioedema. Compared to a placebo, DX-88 relieved HAE symptoms for up to 24 hours, offered no side effects and treated patients in the laryngeal, abdominal and peripheral areas, officials said.
DX-88 has been the main focus of Dyax, which cut 60 jobs in March in order to focus its resources on the commercialization of the drug, using its savings. At the time, the company cut the positions from different departments and said the cuts would help it save about $18 million in annual savings.
For fiscal 2008, Dyax reported a loss of $66.5 million on revenue of $43.4 million.
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