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Dyax Corp. (NASDAQ:DYAX)

Q2 2010 Earnings Conference Call

July 28, 2010 10:00 am ET

Executives

Nicole Jones - Director of IR & CC

Gustav Christensen - President & CEO

George Migausky - EVP & CFO

Ivana Magovcevic-Liebisch - EVP Corporate Development & General Counsel

Bill Pullman - EVP & CDO

Analysts

Mark Monane - Needham & Company, LLC

Kim Lee - Global Hunter Securities, LLC

Phil Nadeau - Cowen & Co.

Jeff Elliott - UBS Securities LLC

Andrew Fein - Jefferies & Co.

Operator

Good morning and welcome, ladies and gentlemen, to Dyax Corp.’s Second Quarter 2010 Financial Earnings Call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open up the call for a brief question-and-answer period at the end of the presentation.

Before turning the call over to Gustav Christensen, President and Chief Executive Officer of Dyax, the company will read their Safe Harbor statement.

Nicole Jones

This morning Dyax issued a press release concerning its second quarter 2010 financial results. Dyax would like to remind everyone that statements made today reflects current expectations, estimates, and projections about its products, programs, collaborations, strategies and financial performance on our forward-looking statements. These statements including those related to Dyax’s FDA-approved products, KALBITOR, are subject to risks and uncertainties that could cause actual events and results to differ materially.

Important information concerning these risks and uncertainties is contained in Dyax’s press release today and described or referred to in its most recent Form 10-K and other periodic filed with the SEC, and are also available on the company’s website at www.dyax.com.

I will now turn the call over to Gustav Christensen, our President and CEO. Gustav?

Gustav Christensen

Thank you, Nicole. Good morning and thank you for joining Dyax’s second quarter earnings conference call. Joining me today are George Migausky, EVP and Chief Financial Officer; Ivana Magovcevic-Liebisch, EVP Corporate Development and General Counsel; and Bill Pullman, EVP and Chief Development Officer.

We are pleased with the positive progress made during our first full quarter of US commercial launch of KALBITOR. And we’ll turn to those updates and other company news shortly. However, before doing so, George will go through the financial highlights of the second quarter. George?

George Migausky

Thank you, Gustav, and good morning to all. This morning’s press release contains the full financial results for the second quarter. So let me begin by highlighting some of the noteworthy financial events of the quarter. This was the first full quarter of the US commercial launch of KALBITOR and cumulative net sales have now reached $3.2 million, which reflects a 55% increase over Q1. Operating costs in the first half of 2010 were reduced by 25% to $32.9 million despite adding all of the new KALBITOR commercial launch expenses.

In the second quarter of 2010, our net operating cash burn was reduced to $11.4 million and our cash balance at June 30, 2010, which includes a cash equivalents and investments totaled $94.4 million. As reported earlier today, for the second quarter of 2010, total revenues increased to $15.1 million as compared to $4.8 million in the same quarter last year. And for the six-month period, revenues increased to $35.2 million from $10.8 million in the prior year. The higher revenue in the second quarter was primarily due to two factors. First, net product sales of KALBITOR, which were 1.9 million and second, $9.8 million of revenue recognized from the sale of our rights to royalties and other payments related to the commercialization of Xyntha by Pfizer.

For the six month period, the 2010 increase was primarily due to two factors that are in addition to the two just mentioned for the quarter. First, $3.2 million of cumulative net product sales of KALBITOR, which became commercially available during the first quarter of 2010 and second, $13.8 million of revenue recognized in relation to the license agreement with Cubist Pharmaceuticals.

Now with respect to the progress of the progress of the KALBITOR launch, it’s important to note that in the first several quarters of the launch, there is no direct link between the net product sales reported by us, and the number of patients in KALBITOR Access or with drug placed the treatment centers including the number of patient treatments using KALBITOR. And this disconnect is due to the fact that while we are building a patient base, we recognized revenue with the time that we ship product to our exclusive distributor ABSG and have no direct visibility to actual KALBITOR usage. I’d like to reintegrate that because we are still in the early months of launch with the number of unknown launch related variables, we’re not in a position to provide KALBITOR sales guidance over the next several quarters.

Moving on to our operating expenses; operating expenses for the second quarter were $16.5 million as compared to $16.6 million in 2009, an amount that is basically flat and infact lower this year by a $100,000 despite adding all of the new KALBITOR commercial launch expenses. For the six month period, operating expenses were $32.9 million in 2010 as compared to $45.6 million in 2009 a decrease of 25%. Within operating costs, our research and development expenses in Q2 decreased by 30% to $8 million and for the six-month period they decreased by almost 50% to $15.8 million.

Selling, general and administrative costs, which include commercial costs for KALBITOR, increased in the second quarter to $8.4 million as compared to $5.2 million for the same period last year. And for the six-month period, SG&A cost increased to $17 million as compared to $13 million in 2009.

And these higher selling, general and administrative costs in 2010 were primarily due to the increased infrastructure to support the commercialization of KALBITOR including the addition of sales and marketing personnel as well as other external marketing activities. Our lower operating cost during 2010 both in the quarter and the six month periods demonstrate that we remain committed to discipline cash management during what is often considered the most expensive stage for biotech company commercial launch. On the bottom line, for the second quarter of 2010, Dyax reported a net loss of $5.3 million or $0.05 per share as compared to a net loss of $14.4 million or $0.23 per share for the same quarter in 2009. And for the six month period, Dyax reported a net loss of $4.3 million or $0.5 per share as compared to $39.3 million or $0.62 per share for the comparable period in 2009.

Now, with respect to our cash resources, as of June 30, 2010, Dyax had cash, cash equivalents and short-term investments totaling $94.4 million exclusive of restricted cash. And let me point out that this amount does not include the second $2.5 million payment from the recent Sigma-Tau partnership, which amount was received in July.

During 2010, as we’ve lowered our operating costs and increased our revenue, the company’s operating burn has been reduced. Our net operating cash burn for the second quarter was approximately $11.4 million an amount that is below our most recent quarters during the second half of 2009 and into Q1 of 2010.

Now at this time, I’ll hand the call over to Gustav to review the KALBITOR launch and other company news from the quarter.

Gustav Christensen

Thank you, George. I will now update you on the KALBITOR launch and the importance of building a strong patient base. Our first full quarter has been a successful quarter. Highlighted by a 266% increase in patients that have KALBITOR placed at their treatment side. Our field-based team is focused on indicating patients and physicians on the importance of being prepared for acute attacks. This means that the patients have a treatment plan and KALBITOR in place before the next attack occurs. This allows us to build a sustainable patient base. As we stated before, our goal is to make KALBITOR the treatment of choice for acute HAE attacks, and I believe we are on track. And I would like to spend the moment discussing on our progress this quarter.

As we mentioned on our Q1 call, we’re glad to report the total number of patients enrolled in the KALBITOR Access system, and those that have completed the process and have KALBITOR placed at their respective treatment sites. We now have 264 patients in the system, 117 of whom have KALBITOR placed. I want to reiterate that this represents a 266% increase in patients that have KALBITOR placed at their treatment sites. Additionally, units of drug shift increased six times over the first quarter. This tremendous growth in the first quarter represents a clear interest on the patients and physicians. We are making significant strives in differentiating our product in the marketplace.

Having a product that is subcutaneous non-plasma derived and treat all attack locations is resonating very well with patients and physicians alike. Not only our patient choosing KALBITOR to treat their acute attacks, but we’re also treating patients on [prophylactic] therapies who are experiencing [breakthrough] attacks. We also know that multiple patients have been treating with KALBITOR more than once. Equally important, reimbursement is growing very well. We’re seeing acceptance by the peer community, which is consistent with our prelaunch plan and expectations. I’m happy to report that a large number of plans are reimbursing for KALBITOR including companies like Kaiser, Aetna, and many of the Blue Cross, Blue Shields. The vast majority of patients in the system have commercial insurance. And again it’s important to state that no patient has been denied coverage today.

Additionally, financial assistant is available to help patients report case. They are building a patient base enrolling patient into the KALBITOR Access, and we are placing KALBITOR at treatment sizes. The bottom line is that the increase to our patient numbers remain strong and promising. We will continue to provide you with the information that you need to evaluate our gross going forward. This is also been an exciting time for our medical peers, medical communications and marketing groups as they are advancing our awareness efforts around HAE and KALBITOR. We announced two different publications in The Annals of Allergy Asthma & Immunology.

First the publication of the Burden of Illness study. This is the first ever comprehensive examination of the economic burden associated with the treatment of acute attacks and the chronic management of HAE. The study was conducted by Dyax in conjunction with the US HAE Association and United Biosource Corporation. And second, the first publication of our Phase III trial, EDEMA4 was presented in the annuals as well. We are excited about these important publications and inspect others in the near future. Furthermore, we are increasing our marketing and promotional activities. In May and June, we kicked off our patient and physician webinars and a physician speaker series. We hosted three patient and six physician webinars, and we completed already 10 of our planned 28 speaker series for this year.

And just recently, we launched our newly enhanced product website KALBITOR.com. This new website offers comprehensive product information, information on KALBITOR Access, information on our comprehensive Financial Assistance Program, educational videos and the mechanism of action behind HAE attacks, real patient accounts of life with HAE, and of course the risk and benefits of KALBITOR. We’re pleased with these initiatives, which are raising awareness among HAE patients, healthcare professional as well as caregivers. We’ll continue to introduce new initiatives during the second half of this year.

Now moving to our global strategy to DX-88. In June, we announced a partnership with Sigma-Tau to develop and commercialize DX-88 in Europe, North Africa, the Middle East and Russia. Sigma-Tau paid us $2.5 million upfront, and $2.5 million in equity at a price $3.93 per share, which represents a 50% premium above the market value. And I want to stress, we’re also eligible to receive over $100 million in development and sales milestones and not the least royalties equal to 41% of net product sales adjusted for product drops.

Going forward, Sigma-Tau will pay the cost associated with regulatory approval and commercialization in the territories licensed to them. Additionally, Dyax and Sigma-Tau will share equally the cost to all development activities for future indications that are jointly developed. Sigma-Tau brings an important capability to our global commercialization and clinical initiatives for HAE as well as other indications. Sigma-Tau has over 2,500 employees worldwide for which are currently working in R&D. They have a strong presence in a number of countries and are committed to develop in products to treat rare disease. This was recently highlighted by their acquisition of Enzon Pharmaceuticals. We believe this partnership will enable us to further leverage our resources to fund and develop new indications for DX-88.

On the heels of this partnership announcement we’ve received notice that the European Medicines Agency validated our Marketing Authorization Application for DX-88 in HAE. This validation signifies that the formal scientific review of the applications has begun. The review of our centralized Marketing Authorization procedure and if approved DX-88 will receive marketing authorization in all the 27 EU member states. We will work closely with our new partner and the agency during this process. We’re also continuing partnership discussions for Japan as well as other potential regional partnerships for KALBITOR.

Regarding label expenses, we’re investigating the therapeutic potential of DX-88 in other indications. DX-88 is currently being studied in a physician-sponsored trial in Sanofi for ACE inhibitor-induced angioedema. This trial is actively treating patients. We plan to initiate a Dyax-sponsored study for this indication by early 2011. We’ll also be discussing with the FDA the potential of exploring the use of KALBITOR to an expanded Access program including the potential for pediatric use in HAE. Beside other angioedema indications, our partner, Fovea Pharmaceuticals, a business unit of Sanofi-Aventis, is conducting a Phase I trial in RVO-induced macular edema, which is actively treating patients. We will report on these programs as they move forward.

I’d now like to shift gears to our core technology platform phage display. We use this technology not only to discover compounds for our internal pipeline, but we also leverage this to license arrangements with other biotechnology and pharmaceutical companies. This technology is now validated by two approved products and 70 revenue generating licenses. The LFRP adds value to Dyax by providing recurring cash flow of $20 million in 2009 and by using the program as a financing vehicle securing the current loan. The LFRP pipeline remains robust and currently includes 17 drug candidates in clinical development. In our two compounds, an antibiotic KDR and an antibiotic EGF receptor from ImClone Eli Lilly in five Phase III trials for multiple indications.

We expect to see one or two additional product candidates’ move into Phase III this year from that pipeline. We also have five candidates in Phase II and 10 candidates in Phase I clinical trials. This program will continue to build value for Dyax as these candidates mature and are commercialized.

In summary, we’re excited about the prospects of KALBITOR following an excellent first full quarter of loss and the progress we have made with patients, treating assistance in the peer community. In this short period of time, we are pleased to have 264 patients in the KALBITOR Access system, 117 of whom have KALBITOR in place to treat their next acute attack. These numbers confirm the need for and strong interest in KALBITOR. Our focus will continue to be in building a sustainable patient base and to ensure that HAE patients have KALBITOR in place to treat their next attack. And our mission and remain focused namely to make KALBITOR the treatment of choice for acute HAE attacks.

We have also built up on our global commercial strategy to DX-88 in HAE including the strategic EU partnership with Sigma-Tau. And finally, and equally important to Dyax, we have maintained discipline cost management around our loss as well as for the rest of our company operations.

In closing, I just like to say that in over the 25 years that I have been in biotechnology industry, the key requirement for the success remains the same. A company become successful when it develops and commercializes a product and that product help patients treat their diseases. We have the products, we have the plan, and we have the committed team. I believe we will be successful.

With that, I’ll close the call and turn the line back over to the operator to begin the Q&A portion of the call. Thank you.

Question-and-answer session

Operator

(Operator Instructions) And the first question will come from the line of Mark Monane, Needham & Company. Please go ahead.

Mark Monane - Needham & Company, LLC

Thank you and good morning from New York City. Traffic is unbearable here as the number of cars makes it really hard for cars to move and people to move. And maybe you could help us understand what that means in relation to the HAE marketplace. We have a number of entries now available in the market. How does the opportunity for KALBITOR, how is it effected by the other options available for management of this disease?

Gustav Christensen

Thank you, Mark. The HAE market is quiet different from your traffic jams in New York City. We believe, certainly the market is large enough for more than one product, and it’s important to remind everyone there is only one product, other product approved to treat acute attacks and namely behind (Inaudible). And that being said, as we said, our goal is a very simple-minded one namely, to make KALBITOR the treatment of choice for acute HAE attacks.

And as I just mentioned in the call, I would like to point out that not only our patient choosing KALBITOR to treat acute attacks, we will be also trading patients on prophylaxis treatments including Cinryze, who are experiencing breakthrough attacks. So, thank you for that question. Our launch is on track, and we are very optimistic about the prospect of KALBITOR following what we consider very encouraging results from the last five months.

Mark Monane - Needham & Company, LLC

And that was helpful. And in terms of speaking about the number, the disconnect, I think George talked about the disconnect between KALBITOR and the patients and patients that are in treatment. In your opinion, how long does it take to get to a steady state or what is the velocity that will allow us to correct that disconnect?

Gustav Christensen

Well, I think as we discussed in the Q1 call, the numbers that are guiding, understanding how we are doing in the marketplace is the patients we are putting on KALBITOR, meaning they put KALBITOR in place to treat their next attack. And so, the disconnect in terms of our shipping to the distributor will then shift to those sites. It is somewhat of a guesswork to see reorders and so on.

So as we get into and through 11, I think you’ll start having a much better understanding of new patients and existing patients in terms of we use, it will take a while. But I think the key indicators as we report them is the number of patients we put into the system, and then the number of patients that are coming through rate approval and reimbursement, and get product placed ready for the next treatment. Those are the two key numbers to understand the progress in the marketplace.

Mark Monane - Needham & Company, LLC

That’s very helpful. And then, also a follow up. The label is a quite broad one and includes all the different sites of acute attacks regardless of site for HAE patients. In those 16 years of age and older, can you talk about any progress you are making or plans going forward for looking at the patients younger than 16?

Gustav Christensen

Sure. Bill?

Bill Pullman

Yeah, thanks, Mark. Yes, we have plan to have discussions with FDA under the agreement expanded access program to broaden our label to the relevant pediatric population.

Operator

And the next question will come from the line of Kim Lee, Global Hunter Securities.

Kim Lee - Global Hunter Securities, LLC

Just a couple of good questions here. First of all, how many average number of tax are you seeing now? And you have mentioned there has been patients you’ve seen who has come back for multiple attacks. So, what do you think is the average number of tax right now from your point?

George Migausky

It’s too early for us to tell what the average number of attacks and treatments of those attacks in the US are. So, what is known from large international markets like Germany that treated patients for 20 years. And what we saw in The Burden of Illness study where those 457 patients told or responded to the question, how many attacks they had. And that was 20 plus attacks per year on the average for men and women. With percentage of dosage they treat we’ll find out over the next several to many quarters.

In Germany, where they treated for 20 years, people who are not on proteolysis steroids treats about 18 attacks a year, and those who are on proteolysis steroids treat just under 10 or it’s eight or nine, I can’t exactly remember about in that range. So if the US will start immediately with that descents or take a little while, we just all have to find out. The key though, to be there to benefit from it is to have an installed patient base with your product waiting to start treating their attacks. And you will then benefit from whatever number of sensive attacks they’ve start treating by the way.

Kim Lee - Global Hunter Securities, LLC

Okay, great. And what percentage of patients do you estimate are on proteolysis treatment now depending on Dyax’s, George right now for a breakthrough?

George Migausky

Well, it depends on how you breakdown, whether it steroids or whether it includes steroids. If it includes steroids close to half or 40% of the US patients are probably on steroid treatment, so many of our patients would be on steroid treatments. But probably again, less than the average, because we would tend to get patients who are not on any current treatment. But we are seeing, and we’re getting calls on patients that are on proteolysis treatment be it steroids or be it Cinryze.

Kim Lee - Global Hunter Securities, LLC

Okay.

George Migausky

That have breakthrough attacks.

Kim Lee - Global Hunter Securities, LLC

You have a breakdown of how many patients are on Cinryze.

Gustav Christensen

No, result. We don’t get reports and we don’t know patient names. Sometimes you get calls from non-specific situations that you help resolve because this is a situation that need resolution, and we’re obviously very happy to help doctors solve the problems for their patients, and we will work overnight do things to be sure they get shipments. But we don’t really have accurate numbers on that.

Kim Lee - Global Hunter Securities, LLC

Okay. And lastly, how many patients could be enrolled? How many patients could be enrolled per week by year-end at KALBITOR Access?

George Migausky

Well, the number I think if you look at the first two quarters, it’s a pretty steady state that are coming in the first two quarters, it’s a pretty steady state coming in. We expect the first quarter learning about the questions that people asked et cetera, et cetera before we started our educational programs in terms of webinars for patient and doctors, Speaker Series because you sort of need to understand what the concerns are, what the questions are, what are the problems that you help resolve. And so we had just started here in late May into June these Speaker Series and so on that sort of help us broaden the message and reach more patient and doctors. We feel very good about the number of patients that we add in average and it varies week by week, but if you look at the quarter, it’s pretty steady number. It’s too early to really know if there is any leverage points, but we feel very good about the trend, we feel very good about the daily cost and rate they keep coming in at.

Operator

So the next question will come from the line of Phil Nadeau, Cowen & Company.

Phil Nadeau - Cowen & Co.

Good morning. Thanks for taking my questions. First just a clarification question, you mentioned that 264 patients that have, say, entered the funnel and there’s a 117 that have gone through, so by my math that means there is 147 who are seeking reimbursement now. Is that correct?

Gustav Christensen

Yes, the 117 are included in the 264.

Phil Nadeau - Cowen & Co.

Okay, great. That’s right, I got you. And can you give us some more idea of the reimbursement process, how long does it take for a patient to get reimbursement and what’s your success rate, are pending pieces being turned on?

Gustav Christensen

Maybe answer the last question first. No, we have not had any patient been denied coverage to date. We probably track time wise typically from what I hear many biological treatments do 90 to 120 days. If you look at the Q1 number 117 that would indicate that’s where we’re tracking.

Phil Nadeau - Cowen & Co.

Okay, great. And maybe now I’m looking for some feedback from your sales force. As you are promoting the drug and you’re talking to physicians and patients, have you encountered any common hurdles to getting patients on adoption, patients or drug, anything like a lack of awareness, concerns about the distribution, or concerns about side effects, is there any particular hurdle that you think over time you can bring down and maybe accelerate the rate of patient adds?

Gustav Christensen

We have not had hurdles in terms of worries about side effect, worries about distribution, there is always and in a new market like this remember there’s been no treatment available until the prophylactic treatment arrived 18 months ago. So building awareness for a patient group that’s not used to be able to be helped. And reach them and get them activated, get them to see their doctors and so on is a work. I mean, that’s where it is. And at some point in time, probably you will start having the benefit of activating more and more people since this is a familiar disease, meaning it runs in families. But here in the beginning parts, it is basically building awareness, building understanding how important it is to have a treatment in place, because if you don’t, you have no plan for next attack. The next attack could be a bad attack and there is no way you can be treated. So that’s sort of the key lessons.

Phil Nadeau - Cowen & Co.

Okay. And last question is on the patients who have drug that’s already placed either with a physician or an ER. Is there an average number of attacks that those patients have in place? So as how many vials of drug is average for the 117 that already have drug placed somewhere?

Gustav Christensen

Well, some patients have chosen to only have it in the ER which is close by, and they prefer one place, some patients prefer to have doctors and the ER. How many for patient also depends on how the ER purchase a product on assignment or in terms of buy and build. But each patient have chosen either one or two sites to grow between. It’s too early to say how many attacks that you have because we can’t quite link these shipments to new or existing patients. So that will come overtime.

Operator

(Operator Instructions) The next question will come from the line of Jeff Elliott, UBS securities.

Jeff Elliott - UBS Securities LLC

Thanks. I think in the first quarter you indicated about half of the patients of the 140 came from the open-label trial or the extended access trial. Of the 264, how many of those include from that original trial?

Gustav Christensen

It’s sort of hard to know exactly, but my sense is that, here in the second quarter there has been very few of the patients that used to be in the continuation study. As you know, most of the sites to ensure that the trials like to be active in clinical trials for scientific interest reasons for their patients. So a lot of these patients that are not transferred into commercial product had transferred to other clinical trials. And there is a number of ongoing trials. So in the second quarter, very few, and I think what that shows is that, we are focused on new patients and we’re finding them and we’re getting them.

Operator

We have a follow-up question from the line of Mark Monane, Needham & Company.

Mark Monane - Needham & Company, LLC

Thank you very much. We’re impressed by the increased number of patients in the KALBITOR Access program and pushing your way through the system and making the way through the system. Can you talk about, it’s like the flip side of Phil’s question I think. Are there special characteristics either the physicians like the allergists or the rheumatologists or the patients that are enrolled or are they sicker or less sick then what you expect to see going forward or that could inform us a little bit of what the revenues might look like from this group?

Gustav Christensen

I think that we are seeing a broad range of patients. From basic patients to patients who are up and things and want to have treatment avail. So, I think that the key thing is that even for doctors if that they don’t understand that, if they do not have products in place there is no treatment available for the next attack. And it’s something they have to understand and the patient have to understand. So there is a broad range of patients, and I think when we increase their number it will reflect the average type of patient.

Mark Monane - Needham & Company, LLC

That’s okay. That’s helpful to go and we’ll check on that going forward. And then thinking on going forward, do you have any updates for us please that you can share with us on the standards of the multidose pen or the opportunity for using, for taking KALBITOR in the home setting?

George Migausky

I think it’s really too early to comment on our plans in that direction. Clearly, we have a product with a label and with the REMs, and we advice following that to the later. But we have an observational study, which is designed to collect additional information that will help us move into the home use situation, and we plan to have those conversations with FDA.

Operator

And we have a question from the line of Andrew Fein, Jefferies & Co.

Andrew Fein - Jefferies & Co.

Hi. Good morning, everyone just a quick question for you. So, of the 117 patients that have had drug placed, how many have actually had an attack and used drug? Thanks.

Gustav Christensen

Well we sort of indicated to you before, that’s the number we don’t have inside into, because we know how much is shift from that discovered? And we don’t know whether that sale is a refill or we don’t know whether it’s a refill order or it’s a new patient set up. We just know the destination of where it’s going. So it’s too early to actually tell. I mean, we know from doctors and so on that multiple patients have had multiple treatments, but we don’t have specifics like that.

Andrew Fein - Jefferies & Co.

I know at the conference that we held, you said that you felt comfortable saying that 50 to 60 patients had heart attacks of the 78 at that time that had drug placed. So just wanted to get a sense if there were some sort of update to that comfort number level. Thanks.

Gustav Christensen

I think we’re obviously trying to look at those numbers. But we also don’t want to fool ourselves to understand more that we really understand. And the number that I quoted then is a custom number was at that time and that is obviously going up. It’s not something we spent tons of time drilling into at this time, we’re really spending our time on getting the patients into the access system, getting drug placed in their sites that they actually choose and to be sure that we respond to opportunities where there is emergencies. We had multiple emergency situations where we have been able to respond overnight. So the patient service that they’re taking care of doctors and patients to be sure that we build a patient base that is ours is a very important part and the focus of our teams.

Operator

There are no more questions at this time. I’d like to turn the call back to Gustav Christensen for closing remarks.

Gustav Christensen

Well, I thank you very much for tuning into Dyax second quarter earnings call. And we look forward to report our progress to you in the next quarter call. Thank you very much. Have a good day.

Operator

Ladies and gentlemen, thank you again for your participation. You may now disconnect and have a great day.

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