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Dyax Announces Developments in Licensing and Funded Research Program

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Dyax Corp. has announced successful advancement into Phase 1 clinical trials of two candidates identified using Dyax’s proprietary phage display technology by licensees of the Company’s Licensing and Funded Research Program (LFRP).

LFRP licensee ImClone Systems, a wholly-owned subsidiary of Eli Lilly and Company, recently announced it initiated clinical development for oncology candidate IMC-EB10, ImClone’s anti-FLT3 antibody, for the treatment of acute myelogenous leukemia. Dyax received a milestone payment of $1.5 million for commencement of the Phase 1 trial which was initiated in the second quarter of 2009.

Additionally, Dyax licensee MedImmune, the biologics business of AstraZeneca, announced it has advanced MEDI-547, an antibody-drug conjugate targeting EphA2 receptor for oncology indications. Dyax will receive an undisclosed milestone payment for the Phase 1 trial initiation. Dyax is eligible to receive additional future milestones associated with the development of IMC-EB10 and MEDI-547, as well as royalties on potential future net sales.

In addition to IMC-EB10, ImClone has three other antibodies in clinical development that it identified using Dyax’s phage display technology. ImClone’s anti-VEGFR2 antibody IMC-1121B is currently in Phase 3 development for metastatic breast cancer and gastric cancer. Additionally, Phase 3 development is expected to begin for ImClone’s anti-EGFR antibody IMC-11F8 by the end of 2009 and for ImClone’s anti-IGF-1R antibody IMC-A12 in either late 2009 or early 2010.

The ten additional clinical-stage candidates of LFRP collaborators include three in Phase 2 trials and seven in Phase 1 trials. The LFRP also has yielded one marketed product, a purification ligand for Xyntha™ marketed by Wyeth Pharmaceuticals.

Dyax also announced the expansion of its extensive LFRP portfolio of licensees and collaborators with the signing of three new licensing agreements. These include an antibody research agreement with Novo Nordisk, an antibody therapeutic funded research collaboration with Kolltan Pharmaceuticals, and a patent license agreement with Sangamo BioSciences, Inc. To date, Dyax maintains more than 70 revenue-generating licenses and collaborations under the LFRP.