Business Wire - October 23, 2003

Per the agreement, Dyax will utilize its state-of-the-art antibody libraries to identify anti-R7V candidates, at which time URRMA will evaluate the identified leads for their ability to neutralize HIV.

Under the terms of the agreement, both companies will assume joint development of any product candidates that may be identified and will equally share commercialization rights and profits from any marketed products. The companies also have the option to jointly develop URRMA's existing anti-R7V antibody as a therapeutic product candidate. Should the companies proceed with joint development of the URRMA antibody, Dyax will pay URRMA a one-time license fee in return for a 45% financial interest in any marketed products.

URRMA holds exclusive worldwide rights to anti-R7V antibodies for therapeutic and diagnostic applications, which it obtained in 2000 from the French Institut National de la Sante et de Recherche Medicale (INSERM). Jean-Claude Chermann, Chief Scientific Officer of URRMA, and co-discoverer of HIV, first discovered the anti-R7V antibodies while he was Director of Research at INSERM.

R7V is a specific epitope found on the surface of the virus, hence neutralizing anti-R7V antibodies could play an essential role in the treatment of HIV. An elevated level of anti-R7V antibodies is found in AIDS non-progressors, a group of individuals defined as having been infected with HIV for more than 10 years while their CD4+ T cell counts are in the normal range and are considered stable. These patients are characterized by a low viral burden and normal immune function. Research conducted by Dr. Chermann's laboratories to elucidate the mechanism by which this protection is produced raises the hope that HIV could be efficiently controlled by anti-R7V antibodies.

"Anti-R7V antibodies administered to HIV progressors could mimic the protection mechanism in non-progressors, an important goal for salvage therapy. This unique approach to anti-retroviral therapy is directed at the patient's individual immune system, enhancing it rather than attempting to control the mutating HIV virus. It is the hope this novel approach will provide long-term protection with little or no toxicity to the patient," commented Dr. Chermann.

"We are very pleased to utilize Dyax's state-of-the-art antibody libraries to identify highly specific, high affinity antibodies to R7V. We are excited to collaborate with URRMA on this important target," commented Jack Morgan, Senior Vice President Corporate Development & Business Operations for Dyax.

"Dr. Chermann's laboratory has been able to express the anti-R7V antibody recombinantly with the resulting protein being equivalent to the native antibody. Thus, the collaboration with Dyax is an important step forward for URRMA and its shareholders, for ensuring this product opportunity moves forward to human clinical trials. We are very pleased to collaborate with Dyax on this project," stated Garth Likes, heading Business Development at URRMA.

About URRMA

URRMA Biopharma is an emerging biopharmaceutical company focusing on the development and commercialization of innovative products in the diagnosis, prognosis and therapy of patients suffering from HIV. Aside from the anti-R7V antibodies to be further co-developed with Dyax, URRMA has developed a novel R7V diagnostic Kit for the identification of the presence of the Anti-R7V antibody, which URRMA believes correlates to the non-progression of HIV to AIDS. Another product, an anti-R7V vaccine is currently being developed by a partner and will soon enter clinical trials in HIV+ patients with results expected to further validate the R7V platform early in 2004. URRMA will continue to develop and expand its licensed and patented R7V technology for HIV as well as other viral diseases by leveraging its infrastructures including its P3 laboratories located in Aubagne, France.

About Dyax

Dyax Corp. is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic antibodies, small proteins and peptides for unmet medical conditions, particularly in the areas of anti-inflammation and oncology. Dyax currently has two recombinant proteins in phase II clinical trials. DX-88 is in phase II studies for the potential treatment of hereditary angioedema in collaboration with Genzyme Corporation. Dyax is also evaluating DX-88 in phase I/II studies for it's potential use during cardiothoracic surgery, specifically CABG procedures. The Company's second clinical compound, DX-890, is in phase II clinical trials for the potential treatment of cystic fibrosis. Both DX-88 and DX-890 were identified using Dyax's patented phage display technology, which Dyax uses to rapidly identify compounds that bind with high affinity and specificity to targets of interest. Dyax is building a rich pipeline of potential clinical candidates that may be advanced into clinical development at Dyax or through a collaborator. Dyax leverages its technology broadly through more than 75 revenue generating licenses and collaborations for therapeutic discovery, as well as non-core areas such as affinity separations, diagnostic imaging, and research reagents.

Dyax Disclaimer

This press release contains forward-looking statements, including statements regarding the expected benefits of Dyax's licensed technology in the collaboration with URMMA and the prospects for development of anti-R7V antibodies to control HIV. Statements that are not historical facts are based on Dyax's current expectations, beliefs, assumptions, estimates, forecasts and projections about the industry and markets in which Dyax competes. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors which may affect the expected benefits of Dyax's licensed technology in the collaboration with URMMA and the prospects for development of anti-R7V antibodies to control HIV include the risks that: products from this collaboration may not show therapeutic effect or an acceptable safety profile in clinical trials or could take a significantly longer time to gain regulatory approval than Dyax expects or may never gain approval; products developed in this collaboration may not gain market acceptance; others may develop products superior to those being developed in this collaboration; Dyax is dependent on the expertise, effort, priorities and contractual obligations of URMMA in the development, clinical trials, manufacture, marketing, sales and distribution of products arising out of this collaboration; Dyax and URMMA may not be able to obtain and maintain intellectual property protection for the products of this collaboration; and other risk factors described or referred to in Dyax's most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. Dyax cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Dyax undertakes no obligations to update or revise these statements, except as may be required by law. Dyax specifically disclaims responsibility for statements by URMMA and information describing URMMA and its business in this release.

Dyax and the Dyax logo are the registered trademarks of Dyax Corp.

CONTACT: Dyax Contact:

Jack Morgan, 617-250-5762, jmorgan@dyax.com

or

URRMA Biopharma Contact:

Garth Likes, 514-932-2155, glikes@urrma.com

SOURCE: Dyax Corp.

031023
BW031007

Copyright © 2003 - Business Wire. All rights reserved. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Business Wire, Permissions Desk, Business Wire, 1185 Avenue of the Americas, 3rd Floor, New York, NY 10036; Tel: (212) 575-8822; FAX: (212) 575-1854. http://www.businesswire.com.

AEGiS is made possible through unrestricted grants from Boehringer Ingelheim, Elton John AIDS Foundation, iMetrikus, Inc., John M. Lloyd Foundation, the National Library of Medicine, and donations from users like you. Always watch for outdated information. This article first appeared in 2003. This material is designed to support, not replace, the relationship that exists between you and your doctor.

AEGiS presents published material, reprinted with permission and neither endorses nor opposes any material. All information contained on this website, including information relating to health conditions, products, and treatments, is for informational purposes only. It is often presented in summary or aggregate form. It is not meant to be a substitute for the advice provided by your own physician or other medical professionals. Always discuss treatment options with a doctor who specializes in treating HIV.

Copyright ©1980, 2003. AEGiS. All materials appearing on AEGiS are protected by copyright as a collective work or compilation under U.S. copyright and other laws and are the property of AEGiS, or the party credited as the provider of the content. .