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Article: Dyax Raising $38.5 Million To Fund Its DX-88 Trials.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
On the heels of a stock price increase due to positive Phase III data, Dyax Corp. decided to raise $38.5 million in a public offering of 10.5 million shares at Thursday's closing price of $3.67 per share.
Investors seemed pleased with the decision. Dyax's shares (NASDAQ:DYAX) rose 11.7 percent, or 43 cents, Friday to close at $4.10. The increase made up for the 39 cent drop last Monday when the Cambridge, Mass.-based company first filed its offering.
Dyax increased the size of the offering, which was originally 9.5 million shares, and will make an additional 1.6 million shares available to cover any overallotments. UBS Investment ...