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Pacific Growth Keeps 'Overweight' on Dyax

Pacific Growth reiterates its over-weight rating on Dyax (DYAX).

Analyst Thomas Dietz says Genzyme exercised an option to buy 50% of Dyax's DX-88, a treatment for a rare, inherited blood disorder called hereditary angioedema that causes uncontrolled swelling. He notes Genzyme will market this product globally in a hereditary angioedema setting. Dyax will receive undisclosed regulatory milestone payments and 50% of profits.

The next events for DX-88: A placebo-controlled, 48-patient Phase I/II trial referred to as EDEMA1, and a PhaseI/II trial to prevent blood loss and inflammation in patients undergoing coronary artery bypass graft surgery. Both studies are due by year-end 2003.

Dietz says he still finds Dyax attractive, and recommends starting or adding to positions ahead of the announcement of data from the ongoing EDEMA1 study, and the potential news of phage display antibody discovery partnerships in the second half of the year.

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