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Dyax Says Genetic Disease Drug Meets Goals; Shares Surge

Reuters
Thursday, 12 Apr 2007 | 5:22 PM ET

Dyax said its product candidate for hereditary angioedema, a genetic disease, met its main goal in a late-stage trial, sending the biopharmaceutical company's shares up more than 40% in after-hours trading.

The drug, codenamed DX-88, achieved statistically significant results for both the primary and secondary endpoints, Dyax said in a statement.

Hereditary angioedema is characterized by episodes of acute swelling and inflammation.

The company said the overall safety results showed that the drug continues to be well tolerated.

Dyax said it will present more detailed results next week.

Shares of the company rose to $5.87 in late electronic trading, after closing at $4.00 Thursday on the Nasdaq.

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