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Dyax Corp. Announces Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

BURLINGTON, Mass.--(BUSINESS WIRE)--October 28, 2015--Dyax Corp. (NASDAQ: DYAX) today announced financial results for the third quarter ended September 30, 2015. Dyax will host a webcast to review these results in conjunction with the Company’s Research and Development Day on Monday, November 2, 2015 at 8:00 a.m. (ET).

Recent highlights include:

Protocol finalized with the U.S. Food and Drug Administration for Dyax’s single, pivotal Phase 3 clinical trial evaluating DX-2930 in hereditary angioedema (HAE);

R eceipt of orphan medicinal product designation in the European Union for DX-2930 for the treatment of HAE;

Total revenue for the third quarter of 2015 of $24.7 million, including:

KALBITOR net sales of $17.8 million and

Royalty revenue of $5.6 million;

Repayment in full of the $84 million loan with Healthcare Royalty Partners;

Cash, cash equivalents and investments at September 30, 2015 totaled $308.4 million.

2015 Third Quarter Financial Results

Total revenues for the quarter ended September 30, 2015 were $24.7 million, as compared to $22.0 million for the comparable quarter in 2014. The third quarter 2015 revenues included $17.8 million of KALBITOR net sales, as compared to $20.3 million for the same period in 2014, as well as royalties of approximately $5.6 million based on sales of Eli Lilly and Company’s CYRAMZA

(ramucirumab) compared to approximately $700,000 for the comparable quarter in 2014. For the nine months ended September 30, 2015, total revenues were $71.5 million, compared to $55.7 million for the same period in 2014. The nine-month 2015 revenues included $51.6 million of KALBITOR net sales, as compared to $49.4 million in the 2014 period, as well as CYRAMZA royalties of approximately $13.3 million compared to approximately $700,000 in the 2014 period. The third quarter of 2014 was the first period in which we recorded royalty revenue.

Dyax expects quarterly and annual revenues to fluctuate. For KALBITOR, revenue fluctuations are primarily due to variability in the rate at which individual patients utilize KALBITOR to treat attacks (particularly among patients who experience and treat frequent attacks), as well as the timing and amount of distributor demand. For the LFRP, revenue fluctuations may be caused by the timing of any future milestone payments, the clinical activities of our licensees, and the timing and completion of contractual commitments.

Cost of product sales for KALBITOR for the third quarter of 2015 were $784,000, as compared to $1.4 million for the same quarter in 2014. For the nine months ended September 30, 2015, cost of product sales were $4.3 million, as compared to $3.2 million for the same period in 2014.

Cost of royalties, consisting of pass-through fees under an LFRP cross-licensing arrangement, were $2.8 million for the third quarter of 2015, compared to approximately $350,000 for the same quarter in 2014. For the nine months ended September 30, 2015, cost of royalties were $6.7 million, compared to approximately $350,000 in the 2014 period.

Research and development expenses at Dyax are primarily related to the following: 1) the DX-2930 development program, together with...


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