Dyax numbers get boost from fees, drug sales
Cambridge-based biotech firm Dyax Corp. saw a surge in revenue for the second quarter, climbing to $15.1 million from $4.8 million for the same quarter in 2009. The bulk of that increase, $13.2 million, came from development and license fees.
That helped Dyax (Nasdaq: DYAX) cut its losses for Q2 2010 to $5.26 million, down from $14.42 million for the same time frame in 2009. One other major factor for the climb toward profitability is that Dyax had product sales revenue this quarter of $1.9 million, versus zero in Q2 2009. This quarter was the first full quarter of sales for its drug Kalbitor, which treats hereditary angioedema (HAE).
Earlier this month, Dyax launched a new informational website focused on the drug Kalbitor. On the site, patients can also apply for financial assistance for the drug to help cover the co-pay or in some cases the whole cost. Kalbitor was approved by the U.S. Food and Drug Administration in December to treat patients 16 or older suffering from HAE.
At the end of the quarter, Dyax reported having cash and equivalents worth $94.4 million.