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Biotherapeutics company Dyax Corp. is reporting a net loss of $14.8 million, as compared to a net loss of $24.9 million for the comparable quarter in 2008. The company cut research and development costs to $11.2 million, as compared to $18 million for the comparable quarter in 2008.
Total revenue for the second quarter, ended June 30, 2009, increased to $4.2 million from $3.8 million for the second quarter of 2008.
For the six months ended June 30, 2009, research and development expenses decreased by $4.6 million to $30.5 million, as compared to $35.1 million for the comparable period in 2008. For the six month period in 2009, the decrease in expenses was primarily due to cost savings resulting from the restructuring in March 2009, the closure of the Company’s Liege, Belgium-based research facility in mid-2008 and lower clinical trials costs.
Dyax Corp. also cut 60 positions — or roughly 36 percent of its staff — in March to reduce costs.
During the first quarter, federal regulators delayed approval of Dyax’s lead candidate, a potential treatment for acute attacks of hereditary angioedema, a potentially life-threatening genetic disease characterized by painful swelling of the skin, intestine, mouth and throat. Now the company says it has answered the U.S. Food and Drug Administration’s questions that were outlined in the so-called Complete Response letter.
Dyax (Nasdaq:Dyax) shares were up 6.5 percent on the news, to $3.58 in midday trading on Wednesday, up from $3.35 at the previous close.
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