Dyax Corp announced successful advancement into phase-1 clinical trials of two candidates identified using Dyax's proprietary phage display technology by licensees of the company's Licensing and Funded Research Programme (LFRP).

LFRP licensee ImClone Systems, a wholly-owned subsidiary of Eli Lilly and Company, recently announced it initiated clinical development for oncology candidate IMC-EB10, ImClone's anti-FLT3 antibody, for the treatment of acute myelogenous leukaemia. Dyax received a milestone payment of $1.5 million for commencement of the phase-1 trial which was initiated in the second quarter of 2009. Additionally, Dyax licensee MedImmune, the biologics business of AstraZeneca, announced it has advanced MEDI-547, an antibody-drug conjugate targeting EphA2 receptor for oncology indications. Dyax will receive an undisclosed milestone payment for the phase-1 trial initiation. Dyax is eligible to receive additional future milestones associated with the development of IMC-EB10 and MEDI-547, as well as royalties on potential future net sales.

In addition to IMC-EB10, ImClone has three other antibodies in clinical development that it identified using Dyax's phage display technology. ImClone's anti-VEGFR2 antibody IMC-1121B is currently in phase-3 development for metastatic breast cancer and gastric cancer. Additionally, phase-3 development is expected to begin for ImClone's anti-EGFR antibody IMC-11F8 by the end of 2009 and for ImClone's anti-IGF-1R antibody IMC-A12 in either late 2009 or early 2010. The ten additional clinical-stage candidates of LFRP collaborators include three in phase-2 trials and seven in phase-1 trials. The LFRP also has yielded one marketed product, a purification ligand for Xyntha marketed by Wyeth Pharmaceuticals.

"The LFRP is a key component of our overall business strategy, and we are delighted to report on these new developments," said Gustav Christensen, president and chief executive officer of Dyax. "The expansion and maturation of our licensee clinical-stage pipeline and the additions to our portfolio of LFRP licenses and collaborations continue to validate our proprietary phage display as an important drug discovery tool for the industry."

Dyax's proprietary drug discovery platform, phage display, provides an efficient means to identify compounds that interact with a wide array of therapeutic targets.

Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on inflammatory and oncology indications.