DYAX Prices Offering At $27/Share

(RTTNews) - Dyax Corp. (DYAX) has offered to sell 7.4 million shares of its common stock to the public at a price of $27.00 each. The offering, which is scheduled to close on or about April 13, 2015, is expected to bring in gross proceeds of roughly $200 million to the company.

The underwriters have a 30-day option to purchase up to an aggregate of 1.11 million additional shares of common stock.

The company ended December 31, 2014 with cash, cash equivalents, and investments totaling $184.7 million, exclusive of restricted cash.

Very recently, on March 31, 2015, the company reported positive results from a phase 1b clinical study of its investigational product, DX-2930, for the prevention of hereditary angioedema (HAE) attacks. The news sent the company's shares soaring nearing 54% that day to $25.75. The study met all of its primary objectives, with DX-2930 demonstrating statistically significant reductions in attack rate compared to placebo, an important characteristic for a prophylactic treatment.

DX-2930 also carries a Fast Track status, which was granted by the FDA.

DYAX closed Tuesday's trading at $28.06, down 1.94%.