Dyax Corp. Announces Intent to Close Belgium Research Facility
Dyax Corp. announced that the Board of Directors of its Belgian subsidiary, Dyax SA, has initiated discussions with its 24 employees as it considers a possible closure of the Liege-based research facility. The closure option would allow for reduction in operating expenses and corresponds with Dyax's strategic plan to direct its resources toward the commercialization of DX-88 in hereditary angioedema. Additionally, the closure option would help optimize Dyax's research and development capabilities by consolidating its discovery and preclinical programs at its headquarters in Cambridge, MA. In accordance with Belgian law, no final decision is expected until some time in June 2008.
Expenses related to the Belgium research facility have risen steadily as a result of the depreciating U.S. dollar, negatively effecting operating costs. If completed, Dyax expects the closure would contribute approximately $7.0 million in annual savings after 2008 and result in a charge of approximately $5.3 million in the remaining quarters of 2008.
"This strategic decision is difficult but necessary for the ongoing growth objectives of Dyax. We are in a crucial period of our late-stage DX-88 clinical program, which requires substantial resources and dedication. The consolidation of our research facilities would contribute to the strategy of reducing our operating costs and increasing our productivity and efficiency," commented Henry E. Blair, Chairman, President and Chief Executive Officer. "The contributions made by the Liege research team are deeply appreciated."
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