Exhibit 99.1


Dyax Corp. (ticker: DYAX, exchange: NASDAQ) News Release - 3/14/2003

DYAX ANNOUNCES SALE OF COMMON STOCK

CAMBRIDGE, Mass., Mar 14, 2003 (BUSINESS WIRE) -- Dyax Corp. (Nasdaq:DYAX)
announced today that it has entered into agreements to sell 4,721,625 shares of
its common stock to selected institutional and other accredited investors at
$1.86 per share. The offering was priced at 10% above the average closing price
of Dyax traded shares for the preceding five days.

The proceeds of the financing will be used for general corporate purposes,
including funding Dyax's ongoing clinical trials and operations. The offering
was led by Lancet Capital and Federated Kaufman Fund. Pacific Growth Equities,
LLC acted as exclusive placement agent for the securities sold in this
transaction. The shares in this offering are being issued under a shelf
registration statement filed with and declared effective by the Securities and
Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities.

Dyax Corp.

Dyax Corp. is a biopharmaceutical company focused on the discovery, development
and commercialization of therapeutic products. The Company uses its patented
phage display technology to rapidly identify a broad range of recombinant
protein, peptide, and fully human monoclonal antibody compounds that bind with
high affinity and specificity to targets of interest, with the objective of
selecting those compounds with the greatest potential for advancement into
clinical development. Dyax currently has two recombinant proteins in phase II
clinical trials. DX-88 is being studied for the treatment of hereditary
angioedema and for use during cardiopulmonary bypass surgery, while DX-890 is
being studied for the treatment of cystic fibrosis. Dyax leverages its
technology broadly through revenue generating licenses and collaborations in
therapeutics and in non-core areas of affinity separations, diagnostic imaging,
and research reagents. Through its subsidiary, Biotage, Inc., Dyax develops,
manufactures and sells chromatography separations systems and products to
pharmaceutical companies worldwide for drug discovery and purification. For more
information on Dyax Corp., please visit the Company's website at www.dyax.com.

Dyax and the Dyax logo are the registered trademarks of Dyax Corp.

CONTACT:
Dyax Corp.

Stephen S. Galliker, 617/250-5733
sgalliker@dyax.com
or
Dyax Corp.
Sondra Henrichon, 617/250-5839
shenrichon@dyax.com