Financial Results

Total revenues for the third quarter ended September 30, 2009 were $4.5 million, as compared to $5.5 million for the comparable quarter in 2008. Total revenues for the nine months ended September 30, 2009 increased to $15.3 million from $12.0 million for the comparable period in 2008. For the nine month 2009 period, the increase in revenues was primarily due to additional revenue recognized under the Company's Licensing and Funded Research Program (LFRP), as well as $1.6 million of revenue recognized under a collaboration agreement entered into during 2008. Quarterly revenues are expected to fluctuate due to the timing and amount of future milestone payments, the clinical activities of collaborators and licensees, and the timing and completion of contractual commitments.

Research and development expenses for the third quarter of 2009 decreased to $7.1 million, as compared to $16.5 million for the comparable quarter in 2008. For the nine months ended September 30, 2009, research and development expenses decreased to $37.8 million, as compared to $51.6 million for the comparable period in 2008. For the nine month 2009 period, the decrease in expenses was primarily due to cost savings resulting from the restructuring in March 2009, the closure of the Company's Liege, Belgium research facility in mid-2008, and lower clinical trials costs. These decreases were offset by an increase of approximately $7.5 million in 2009 costs associated with the manufacture of DX-88.

General and administrative expenses for the third quarter of 2009 increased to $5.9 million, as compared to $4.9 million for the comparable quarter in 2008. For the nine months ended September 30, 2009, general and administrative costs increased to $18.9 million, as compared to $15.6 million for the comparable period in 2008. The higher general and administrative costs in 2009 were primarily due to increased infrastructure to support plans for commercialization of DX-88 for hereditary angioedema (HAE) and charges for share-based compensation expense.

For the quarter ended September 30, 2009, Dyax reported a net loss of $12.2 million or $0.17 per share, as compared to a net loss of $26.6 million or $0.43 per share for the comparable quarter in 2008. For the nine months ended September 30, 2009, the net loss was $51.5 million or $0.78 per share, as compared to $72.9 million or $1.19 per share for the comparable period in 2008.

As of September 30, 2009, Dyax had cash, cash equivalents, and short-term investments totaling $41.1 million, exclusive of restricted cash. Inclusive of the $20.5 million of net proceeds from the equity offering completed on October 5, 2009, Dyax would have had cash, cash equivalents, and short-term investments totaling $61.6 million, as of September 30, 2009.

Corporate Progress and Guidance

"Throughout the quarter, we have been diligently advancing the commercial plans for DX-88 for HAE as we approach the Prescription Drug User Fee Act action date of December 1, 2009," stated Gustav Christensen, President and Chief Executive Officer of Dyax. "At the same time, our medical and regulatory teams have continued to respond to inquiries from the FDA as the Agency finalizes its review of our Biologic License Application for DX-88. As a result of these contacts, we recently received clarification from the FDA on the requirements of the Risk Evaluation and Mitigation Strategy (REMS) for the approval of DX-88 for acute attacks of HAE. The Agency has informed us that certain elements of our proposed REMS to assure safe use, particularly the concept of a closed distribution system, will not be required. Our understanding is that an approvable REMS will consist primarily of two components: a medication guide and a communication plan."

Mr. Christensen commented further, "We also saw during the quarter a number of positive developments with our DX-88 partner programs and licensee programs under our LFRP. With respect to our LFRP, three licensees, ImClone, MedImmune and BioInvent each advanced a new product candidate into Phase 1 development. Thus, the expansion and maturation of our licensing program continues to move forward as the LFRP pipeline currently has one marketed drug and 16 product candidates in various stages of clinical development."

2009 Guidance

George Migausky, Executive Vice President and Chief Financial Officer of Dyax, stated, "Over the last two years, we have added capital from multiple sources to support our long-term business strategy. We have added or expanded our partnerships, implemented disciplined cost management and closed significant financial transactions. These actions have strengthened our balance sheet and allowed us to focus the necessary resources on commercial activities for DX-88. At this time, we believe we have the cash and resources to support ongoing operations through 2010."

Webcast and Conference Call

Dyax Corp. will host a webcast and conference call, including an open question and answer session.

 Date:               Wednesday, October 28, 2009                                                                                                                                         
 Time:               10:00 a.m.