Dyax Announces $30 Million Offering
Dyax Corp. recently announced it has priced a registered direct offering with RA Capital Management, Venrock, Federated Investors, Inc. and one other institutional investor for gross proceeds of approximately $30 million. The offering was priced at $2.30 per common share, which was the last reported sale price of the company’s common stock on May 9, 2013.
A total of 8,901,675 million shares of common stock and 41,418 shares of Series 1 convertible preferred stock are expected to be issued at closing. Each share of Series 1 convertible preferred stock was priced at $230 and is convertible into 100 shares of common stock. The preferred stock will include no guaranteed dividends or liquidation preferences. The offering is expected to close on or about May 15, 2013, subject to the satisfaction of customary closing conditions.
Dyax intends to use the net proceeds from this offering to fund research and development activities, including the development of DX-2930, a therapeutic candidate for the prophylactic treatment of hereditary angioedema (HAE), and for general corporate purposes.
The aforementioned securities are being offered by Dyax pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. When available, copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained directly from the company at 55 Network Drive, Burlington, Massachusetts 01803, Attn: Investor Relations (617-250-5888), or from the website of the Securities and Exchange Commission at www.sec.gov.
Dyax is a fully integrated biopharmaceutical company focused on the discovery, development, and commercialization of novel biotherapeutics for unmet medical needs. The company’s key value drivers are the KALBITOR (ecallantide) business and the angioedema portfolio, as well as the Licensing and Funded Research Program (LFRP). For more information, visit www.dyax.com.
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