1. BUSINESS OVERVIEW

Dyax Corp. (Dyax or the Company) is a biopharmaceutical company focused on:

●	Hereditary Angioedema and Other Plasma-Kallikrein-Mediated Disorders

The principal focus of the Company's efforts is to develop and commercialize treatments for hereditary angioedema (HAE) and to identify other disorders that are mediated by plasma kallikrein, which the Company refers to as PKM disorders.

The Company developed KALBITOR® (ecallantide) on its own, and since 2010 the Company has been selling it in the United States for the treatment of acute attacks of HAE. Outside of the United States, the Company has established partnerships to obtain regulatory approval for and to commercialize KALBITOR in certain markets and is evaluating opportunities in others.

The Company is also developing:

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DX-2930, a fully human monoclonal antibody inhibitor of plasma kallikrein, which could be a candidate to treat HAE prophylactically. In August 2013, the Company commenced the dosing of the first subject in a Phase 1 clinical study evaluating the safety and tolerability of a single subcutaneous administration of DX-2930 in healthy volunteers.

●	A biomarker assay that will assist in verifying the activation of plasma kallikrein in patient blood. The Company intends to use this assay to expedite the development of DX-2930 and to potentially identify other PKM disorders.

●	Phage Display Licensing and Funded Research Program

The Company leverages its proprietary phage display technology through its Licensing and Funded Research Program, which the Company refers to as the LFRP. This program has provided the Company a portfolio of product candidates being developed by its licensees, which currently includes 13 product candidates in various stages of clinical development, including three in Phase 3 trials, for which it is eligible to receive future royalties and / or milestone payments.