June 7, 2011

Dyax Corp. Announces Expansion of Executive Roles

-All Corporate Functions Consolidated Under Three Executive Vice Presidents to Meet Evolving Business Needs-

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Dyax Corp. (NASDAQ:DYAX), a developer of novel biotherapeutics for unmet medical needs, today announced an expansion of roles for the Company's Executive Vice Presidents aimed at meeting the Company's evolving business needs and strategic initiatives. Under the new reporting structure, all corporate functions will report to these executives, who will, in turn, continue to report to Gustav Christensen, President and Chief Executive Officer of Dyax. The executives and their responsibilities are:

  • Ivana Magovčević-Liebisch, PhD, JD, who has been with Dyax since 2001, has been named Executive Vice President, Chief Business Officer and General Counsel. In this role, she will now oversee all aspects of Dyax's Commercial Operations and will continue to manage Business Development, Alliance Management and Legal Affairs.
  • George Migausky, Dyax's Executive Vice President and Chief Financial Officer since 2008, will add Corporate Communications, Investor Relations and Corporate Compliance to his oversight of Accounting, Finance, Information Technology and Human Resources.
  • William Pullman, BMedSc, MB, BS, PhD, FRACP, who has been at Dyax since 2007 and was named Executive Vice President, Chief Research and Development Officer in 2010, will continue to oversee all aspects of Research, Clinical Development, Regulatory Affairs, Medical Affairs and Technical Operations.

"It is with great pleasure and confidence that we expand the roles of these valuable members of the Dyax team," said Mr. Christensen. "With all functions reporting to the executive vice presidents, including the shift of commercial responsibilities from me to Ivana in her much deserved and expanded role as Chief Business Officer, Dyax is now positioned to more efficiently manage day-to-day operations while advancing its longer-term mission of driving medical innovation and delivering outstanding value to patients and stockholders."

About Dyax

Dyax is a fully integrated biopharmaceutical company focused on discovering, developing and commercializing novel biotherapeutics for unmet medical needs. The Company's lead product, ecallantide, has been approved under the brand name KALBITOR® in the United States for the treatment of acute attacks of hereditary angioedema (HAE) in patients 16 years of age and older.

Dyax is commercializing KALBITOR in the United States independently, and establishing strategic partnerships to develop and commercialize ecallantide for the treatment of HAE in key regions worldwide. Currently, Dyax has partnership agreements for regions including Europe, Japan, Russia, the Middle East, Israel, North Africa, Australia, New Zealand, Latin America, excluding Mexico, and in the Caribbean, Taiwan, Singapore and South Korea. The company is also exploring other potential indications for ecallantide, either alone or through partnerships, including drug-induced angioedema and retinal vein occlusion-induced macular edema.

Ecallantide and other compounds in Dyax's pipeline were identified 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 through the Licensing and Funded Research Program (LFRP), which has approximately 75 revenue generating licenses and collaborations for therapeutic discovery, as well as for affinity separations, diagnostic imaging, and research reagents. The success of the Company's LFRP royalty portfolio is illustrated by the program's advanced licensee pipeline that includes 17 candidates in clinical development. Of those candidates, four are in Phase 3 clinical trials, four are in Phase 2 and nine are in Phase 1.

Dyax Disclaimer

This press release contains forward-looking statements, including statements regarding the prospects for therapeutic benefits of KALBITOR for HAE. 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 therapeutic benefits of KALBITOR for HAE include the risks that: others may develop technologies or products superior to KALBITOR or that are on the market before KALBITOR; KALBITOR may not gain market acceptance; Dyax is dependent on the expertise, effort, priorities and contractual obligations of third parties in the manufacture, marketing, sales and distribution of KALBITOR; and other risk factors described or referred to Item 1A, "Risk Factors" 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 KALBITOR are registered trademarks of Dyax Corp.

Dyax Corp.
Nicole Jones, 617-250-5744
Director, Investor Relations and
Corporate Communications
njones@dyax.com

Source: Dyax Corp.

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