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Dyax loss widens to $20M in 1Q


Published :
Wed, 25 Apr 2007 16:43
By : Agencies
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CAMBRIDGE, Mass. (AP) - Drug company Dyax Corp. said Tuesday its losses doubled in the first quarter of 2007, as it continued investing in an experimental drug to treat a rare skin disorder.

The biopharmaceutical company posted a net loss of $20 million, or 44 cents per share, for the period ended March 31, compared with a loss of $10 million, or 26 cents per share, in the same period last year.

Analysts polled by Thomson Financial expected a loss of 24 cents per share.

Dyax's widening loss was mainly caused by its increased research and development budget, which grew to $20.3 million in the quarter from $10.6 million last year.

Earlier this month Dyax announced positive trial results for its experimental drug DX-88, which is designed to treat swelling under the skin caused by hereditary angioedema. The news came after Genzyme Corp. terminated an agreement to codevelop the drug with Dyax following requests for more data from government regulators.

Revenues for the first quarter were roughly flat from the previous year period at $2.6 million

At the close of the first quarter Dyax said it had $60.9 million in cash, cash equivalents and short-term investments.

Shares of Dyax Corp. fell 3 cents Wednesday to $4.88 in morning trading on the Nasdaq Stock Market.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.




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