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Dyax expects to raise $51.8M from stock offering

Thu, 03/25/2010 - 7:17am
The Associated Press

Drug developer Dyax Corp. said Thursday it expects to raise $51.8 million after expenses by selling 17 million shares of new stock.

Dyax priced the shares at $3.25 each, and said the $51.8 million total deducts the expenses The underwriters of the offering will have an option to buy another 2.6 million shares to cover over-allotments, if there are any.

Dyax said Wednesday that it planned to sell new shares to raise money to fund the production and sale of its drug candidate Kalbitor, which is intended to treat a generic disorder called hereditary angioedema. Hereditary angioedema causes fluid to build up outside the blood vessels, and it can lead to dangerous swelling in the extremities, the intestinal tract, or the airway.

Shares of Dyax closed at $3.52 on Wednesday, making the offer price a 7.7 percent discount. The company had 78.1 million shares on the market as of Feb. 19, and if 19.6 million shares are sold, that would raise its total by 25 percent to 97.7 million.

In morning trading, Dyax stock fell 13 cents, or 3.7 percent, to $3.39.

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