Dyax Corp. Reports Senior Management Changes

    Business Editors/Health/Medical Writers

    CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 20, 2005--Dyax Corp. (Nasdaq: DYAX) announced today that Anthony H. Williams, FCRP, Senior Vice President of Medical Affairs and Clinical Operations, has resigned from Dyax in order to accept a senior clinical oncology position with a major pharmaceutical company. Dr. Williams will remain available to Dyax as a consultant during a transition period.
    Dyax also announced today that it has engaged two industry experts to assist with its heightened focus on clinical and regulatory activities involving its lead compound DX-88. The first, Thomas R. Beck, M.D., a licensed physician with over twenty years of pharmaceutical and biotech industry experience, particularly in the area of clinical development, is joining Dyax in an interim management role. The clinical and regulatory departments at Dyax will report to Dr. Beck until Dr. Williams' full-time successor is identified. The second, William D. Schwieterman, M.D., a veteran of the National Institutes of Health (NIH) and previous Chief of the Immunology and Infectious Disease branch of the Center for Biologics Evaluation and Research at the US Food and Drug Administration (FDA), will provide regulatory advisory services to Dyax.
    The Dyax clinical development team has successfully completed a number of clinical trials, through Phase II in hereditary angioedema (HAE), and Phase I/II in on-pump coronary artery bypass grafting (CABG) surgery. DX-88 is scheduled to enter a Phase II trial in the CABG indication during the first half of 2005. In addition, in collaboration with Genzyme Corporation, DX-88 is scheduled to enter a Phase III trial for the treatment of HAE during the first half of this year.
    Henry Blair, Dyax's President and Chief Executive Officer, stated "We will immediately begin a thorough process to identify Dr. Williams' successor. In the meantime, we have very capable clinical and regulatory staff at Dyax who remain focused on the successful implementation of our development and commercialization plans. Their efforts, along with the involvement of Drs. Beck and Schwieterman, will facilitate a smooth transition as we proceed with our plans to initiate new clinical trials in CABG and HAE."

    About Dyax

    Dyax Corp. is a biopharmaceutical discovery and development company focused on advancing novel therapeutics for unmet medical needs, with an emphasis on cancer and inflammatory indications. Dyax integrates the discovery and clinical development of its antibody, small protein and peptide compounds, with a goal of product commercialization.
    DX-88 and DX-890 are recombinant small proteins discovered at Dyax that are currently in Phase II clinical development for their therapeutic potential in three separate indications: hereditary angioedema (HAE), cystic fibrosis (CF) and open heart surgery, specifically on-pump coronary artery bypass grafting (CABG) procedures. Both compounds have orphan drug designation in the US and EU, and DX-88 has Fast Track designation in the US for the treatment of HAE.
    Both DX-88 and DX-890 were identified using Dyax's patented phage display technology, which rapidly selects compounds that bind with high affinity and specificity to therapeutic targets. This powerful discovery engine is being used to build a pipeline of drug candidates that may be advanced into clinical development by Dyax and/or in partnership with other companies. Dyax leverages its technology broadly with over 75 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.

    Dyax Disclaimer

    This press release contains forward-looking statements, including statements regarding the prospects for regulatory filings and approvals for DX-88. 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 regulatory filings for DX-88 include the risks that: DX-88 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 DX-88 ; 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; DX-88 may not gain market acceptance; Dyax may not be able to obtain and maintain intellectual property protection for DX-88 for the duration of its patent covering DX-88; 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 and the Dyax logo are the registered trademarks of Dyax Corp.

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CONTACT: Contact: Sondra Henrichon Director Investor Relations and Corporate Communications Dyax Corp. (617)250-5839 ir@dyax.com

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: MEDICAL DEVICES PHARMACEUTICAL MEDICAL BIOTECHNOLOGY MANAGEMENT CHANGES SOURCE: Dyax Corp.

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