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Tuesday, February 10, 2009 News

Exclusive license agreement between Dyax Corp. and Fovea Pharmaceuticals

Dyax Corp. (NASDAQ: DYAX) and Fovea Pharmaceuticals, SA (“Fovea”) announced today that they have entered into an exclusive license agreement for the development and commercialization of an ocular formulation of DX-88 for the treatment of retinal diseases.

The license grants Fovea exclusive marketing rights for DX-88 in ophthalmic indications in the European Union (EU). Dyax retains marketing rights for these indications for all territories outside the EU. Under the terms of the agreement, Fovea will fund development of DX-88 for the treatment of RVO-induced macular edema (Retinal Vein Occlusion) for approval in worldwide markets. For all other ophthalmic uses of DX-88, Fovea will be responsible for developing DX-88 to meet EU regulatory requirements and Dyax will be responsible for any additional requirements needed to obtain approval in territories outside the EU. Financial provisions of the agreement call for each company to pay the other a tiered royalty on net sales of DX-88 in their respective territories.

“This agreement, our second for DX-88 in less than a year, highlights the significant value and broad therapeutic potential of this important and versatile product,” commented Gustav A. Christensen, President and Chief Executive Officer of Dyax Corp. “The Ophthalmic pharmaceutical market is a rapidly growing field and Fovea is an innovative participant dedicated to its advancement. We look forward to working with them and to expanding DX-88’s therapeutic application.”

“As a potent plasma kallikrein inhibitor, DX-88 has the potential to be a breakthrough therapy in reducing macular edema, a leading cause of visual loss in multiple ophthalmic diseases. Fovea’s interest in DX-88 stems from an understanding of the central role played by plasma kallikrein in the onset of macular edema and from the clinical evidence of DX-88’s ability to inhibit edema” commented Bernard Gilly, President and CEO of Fovea. “We are excited to collaborate with Dyax in developing DX-88 for treating RVO-induced macular edema and other retinal diseases.”