Dyax Corp. (Dyax) is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of novel biotherapeutics for unmet medical needs, with an emphasis on inflammatory and oncology indications. The Company uses the drug discovery technology, known as phage display, to identify antibody, small protein and peptide compounds for clinical development. The Company’s product DX-88 (ecallantide), is in late stage clinical trial development in two separate indications. In addition to DX-88, the phage display technology has allowed Dyax to develop a substantial pipeline of drug candidates. In June 2008, the Company completed a second phase three study, known as EDEMA4.