Healthcare Industry News: hereditary angioedema
News Release - November 15, 2007
Dyax Announces Plans for Retirement of Steve Galliker as Executive Vice President and Chief Financial OfficerCAMBRIDGE, Mass.--(HSMN NewsFeed)--Dyax Corp. (NASDAQ: DYAX ) today announced that Stephen S. Galliker has informed the company of his intention to retire. Mr. Galliker served as Dyax’s Executive Vice President and Chief Financial Officer and will remain with the Company to assist with the search for a new Chief Financial Officer, whom Dyax expects to hire by the end of the first quarter of 2008. Following his retirement, Mr. Galliker will continue as a consultant to Dyax to assure a smooth transition.
“It truly has been a pleasure working with Steve as he has made significant contributions to this organization since joining us in 1999,” stated Henry Blair, Chairman, President and Chief Executive Officer of Dyax. “Steve has played a key role in the development of our business, and the execution of our financial activities and strategic collaborations, while also successfully implementing and guiding us through the Sarbanes-Oxley Act process. We appreciate his dedication over the years and I look forward to continue working with him in his role as a consultant.”
“Working at Dyax for the past eight years has been an extraordinary opportunity,” commented Steve Galliker. “I’m extremely honored to have been part of such a committed management team and to have been associated with such talented and dedicated employees. Even though I will miss the stimulating environment, I am confident this strong management team will continue to move Dyax forward to becoming a fully integrated biotherapeutics company.”
Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on oncology and inflammatory indications. Dyax utilizes its proprietary drug discovery technology to identify antibody, small protein and peptide compounds for clinical development.
Dyax’s lead product candidate is DX-88, a recombinant small protein that is currently in clinical trials for its therapeutic potential in two separate indications. Dyax has completed three Phase 2 trials and a Phase 3 trial of DX-88 for the treatment of hereditary angioedema (HAE). A second Phase 3 trial, known as EDEMA4, is currently being conducted under a Special Protocol Assessment (SPA). DX-88 has orphan drug designation in the U.S. and E.U., as well as Fast Track designation in the U.S. for the treatment of acute attacks of HAE.
Additionally, Dyax has completed a Phase 1/2 trial of DX-88 for the prevention of blood loss during on-pump coronary artery bypass graft (CABG) procedures. A Phase 2 trial for further development of DX-88 in on-pump cardiothoracic surgery (CTS), including CABG and heart valve replacement or repair procedures, is ongoing.
Dyax identified DX-88 and other compounds in its pipeline using its patented phage display technology, which rapidly selects compounds that bind with high affinity and specificity to therapeutic targets. Dyax leverages this technology broadly with over 70 revenue generating licenses and collaborations for therapeutic discovery, as well as in non-core areas such as affinity separations, diagnostic imaging, and research reagents.
Dyax is headquartered in Cambridge, Massachusetts, and has antibody discovery facilities in Liege, Belgium. For online information about Dyax Corp., please visit www.dyax.com.
This press release contains forward-looking statements, including statements regarding the prospects for Dyax. Statements that are not historical facts are based on Dyax’s current expectations, beliefs, assumptions, estimates, forecasts and projections about the industry and markets in which Dyax competes. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors which may affect the prospects for Dyax include the risks that: Dyax product candidates may not show therapeutic effect or an acceptable safety profile in clinical trials or could take a significantly longer time to gain regulatory approval than Dyax expects or may never gain approval; others may develop technologies or products superior to Dyax’s product candidates; Dyax is dependent on the expertise, effort, priorities and contractual obligations of third parties in the clinical trials, manufacture, marketing, sales and distribution of its biopharmaceuticals; Dyax product candidates may not gain market acceptance; Dyax may not be able to obtain and maintain intellectual property protection for its products and technologies; and other risk factors described or referred to in Dyax’s most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. Dyax cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Dyax undertakes no obligations to update or revise these statements, except as may be required by law.
Dyax, the Dyax logo and EDEMA4 are registered trademarks of Dyax Corp.
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