Dyax announces developments in licensing & funded research programme

Dyax Corp announced successful advancement into phase-1 clinical trials of two candidates identified using Dyax's proprietary phage display technology by licensees of the company's Licensing and Funded Research Programme (LFRP).

LFRP licensee ImClone Systems, a wholly-owned subsidiary of Eli Lilly and Company, recently announced it initiated clinical development for oncology candidate IMC-EB10, ImClone's anti-FLT3 antibody, for the treatment of acute myelogenous leukaemia. Dyax received a milestone payment of $1.5 million for commencement of the phase-1 trial which was initiated in the second quarter of 2009. Additionally, Dyax licensee MedImmune, the biologics business of AstraZeneca, announced it has advanced MEDI-547, an antibody-drug conjugate targeting EphA2 receptor for oncology indications. Dyax will receive an undisclosed milestone payment for the phase-1 trial initiation. Dyax is eligible to receive additional future milestones associated with the development of IMC-EB10 and MEDI-547, as well as royalties on potential future net sales.