Shares of Dyax Corporation (Nasdaq: DYAX) jumped up today after news about the pricing of its $40 million public offering through UBS surfaced. In early trading today, DYAX was up 33 cents (9 percent) to $4.00 per share on volume of 3,596,292 shares.DYAX announced the pricing of an underwritten public offering of 10.5 million shares of its common stock at a public offering price of $3.67 per share for total gross proceeds of $38.5 million. This offering was increased from the previously announced proposed offering size of 9.5 million shares.

All of the shares are being offered by DYAX pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). In connection with this offering, DYAX has granted a 30-day option to the underwriters to purchase up to 1,575,000 additional shares of common stock at the public offering price to cover over-allotments, if any.

UBS Investment Bank is acting as sole book-running manager for this offering. Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Lazard Capital Markets LLC are co-managers.

DYAX is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on oncology and inflammatory indications. The company utilizes its proprietary drug discovery technology to identify antibody, small protein and peptide compounds for clinical development. The company’s lead product candidate is DX-88, a recombinant small protein that is currently in clinical trials for its therapeutic potential in two separate indications: hereditary angioedema and on-pump cardiothoracic surgery.