Is this the death knell? Certainly explains why the COO jumped ship. Sell now or regret it!!
First quarter sales were 30% less than prior quarter. That's a shock given this is supposed to be the year of break even cash flows.
The LFRP won't save Dyax, and that's because the first $80 million goes first to the debt-holder. Dyax would need to survive at least 5 more years before it sees any LFRP. Given that liabilities exceed assets by $60 million, declaring bankruptcy before year-end is likely and then a fire sale of drug assets. But the end will be painful. Big layoffs this year, including most of the Research staff. But too little too late as they can't get out of the hole they dug by giving outrageous salaries and bonuses to a bloated exec team.