Dyax Corp., a biopharmaceutical company, engages in the discovery, development, and commercialization of biotherapeutics for oncology and inflammatory indications. It uses drug discovery technology, known as phage display, to identify antibody, small protein, and peptide compounds for clinical development. The company's lead product candidate, DX-88, is a recombinant form of a small protein that is in clinical trials for its therapeutic potential in two separate indications. The first such indication involves the use of DX-88 in the treatment of hereditary angioedema, which completed three Phase II trials. In the second indication for DX-88, Dyax completed a Phase I/II trial for the prevention of blood loss during on-pump coronary artery bypass graft. It has also initiated a Phase II trial for further development of DX-88 in patients undergoing on-pump cardiothoracic surgery, which includes on-pump CABG surgery and heart valve replacement and repair procedures. In addition, the company has 14 other product candidates in discovery and development pipeline, 2 of which are in preclinical development. These products under preclinical development include DX-2240, a human monoclonal antibody product candidate that targets the Tie-1 receptor on tumor blood vessels; and DX-890, a neutrophil elastase inhibitor for the treatment of chronic obstructive pulmonary disease. Dyax has co-development collaborations with CSIRO; Inhibitex; and Syntonix Pharmaceuticals. It also has an alliance with Organon BioSciences N.V. to discover and develop human therapeutic antibodies. In addition, Dyax Corp. has an agreement with Bayer Schering Pharma AG for the discovery of therapeutic antibodies. The company was founded in 1989 and is headquartered in Cambridge, Massachusetts.