This makes two very interesting and ironic Friday’s in a row … last week, “Good Friday” turned “Bad” with all the “miscommunication” between AutoTrader.com and Rocket City Automotive Group (Pink Sheets: RCAU). Now fast forward to Friday the thirteenth – a notoriously superstitious day for bad things to happen – and Dyax Corp. (Nasdaq: DYAX) is running up the charts like there’s no tomorrow on positive Phase III results.
Shares of DYAX were trading up $2.21 (55 percent) to $6.21 per share on volume of about 27 million shares. Today’s range so far is $6.03 to $6.95, and if this activity holds, DYAX should eclipse its previous 52-week high of $5.09 per share.
The company announced positive Phase III data for its lead drug candidate DX-88, a treatment for the rare genetic disorder hereditary angioedema (HAE), which is characterized by episodes of acute swelling and inflammation. DYAX will host a webcast presentation on Tuesday, April 17, 2007, which will include a discussion of the Phase III results and the patient reported outcome methodology in more detail. Henry E. Blair, chairman and chief executive of DYAX, will be joined by senior management and clinical trial investigators from the Phase III trial.
“We are extremely excited about the outcome of this Phase III trial,” Blair said in a press release. “The results, which will be presented next week in more detail, highlight the potential of DX-88 to be a safe and efficacious therapy. Ultimately, we believe DX-88 will greatly improve the quality of life of HAE patients worldwide.”
Market News First attempted to contact DYAX to comment on the Phase III results, but calls were not immediately returned.
DYAX is a biopharmaceutical company that engages in the discovery, development and commercialization of biotherapeutics for oncology and inflammatory indications. The company’s lead product candidate, DX-88, is a recombinant form of a small protein that is in clinical trials for its therapeutic potential in two separate indications.
