Dyax (NASDAQ:[[ticker:DYAX]]), a Cambridge, MA-based biotech firm, and investment fund Azimuth Opportunity have struck a deal under which Dyax may sell up to $50 million of its common stock to Azimuth over an 18-month period, Dyax reports. Dyax CFO George Migausky stated that the agreement, which does not obligate Dyax to sell any shares to Azimuth, would provide Dyax with additional resources to advance the development of its lead drug DX-88 for hereditary angioedema.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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