Initial Statement of Beneficial Ownership

1. Name and Address of Reporting Person * GRAY MARY ANN	2. Date of Event Requiring Statement (MM/DD/YYYY) 2/5/2004	3. Issuer Name and Ticker or Trading Symbol DYAX CORP [DYAX]
(Last)        (First)        (Middle) C/O DYAX CORP., 300 TECHNOLOGY SQUARE, 8TH FLOOR	4. Relationship of Reporting Person(s) to Issuer (Check all applicable) __ X __ Director                            _____ 10% Owner _____ Officer (give title below)          _____ Other (specify below)
(Street) CAMBRIDGE, MA 02139        (City)              (State)              (Zip)	5. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

No securities are beneficially owned.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GRAY MARY ANN C/O DYAX CORP. 300 TECHNOLOGY SQUARE, 8TH FLOOR CAMBRIDGE, MA 02139	X

Signatures
Mary Ann Gray		2/5/2004
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

POWER OF ATTORNEY



The undersigned hereby constitutes and appoints each of Henry Blair,

Stephen Galliker and Nathaniel Gardiner, signing singly, his/her

true and lawful attorney-in-fact to:



(1) execute for and on behalf of the undersigned Forms 3, 4, and 5 in

accordance with Section 16(a) of the Securities Exchange Act of 1934

and the rules thereunder;



(2) do and perform any and all acts for and on behalf of the undersigned

which may be necessary or desirable to complete the execution of any such

Form 3, 4, or 5, and the timely filing of such form with the United States Securities and Exchange Commission and any other authority; and



(3) take any other action of any type whatsoever in connection with the

foregoing which, in the opinion of such attorney-in-fact, may be of benefit

to,in the best interest of, or legally required by, the undersigned, it being

understood that the documents executed by such attorney-in-fact on behalf of

the undersigned pursuant to this Power of Attorney shall be in such form and

shall contain such terms and conditions as such attorney-in-fact may approve

in his/her discretion.



The undersigned hereby grants to each such attorney-in-fact full power and

authority to do and perform any and every act and thing whatsoever requisite,

necessary, and proper to be done in the exercise of any of the rights and

powers herein granted, as fully to all intents and purposes as such

attorney-in-fact might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or his/her substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted.  The undersigned acknowledges that the foregoing

attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 16 of the Securities Exchange Act of 1934.



IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be

executed as of this 5th day of February, 2004.





Signature:  /s/ Mary Ann Gray



Print Name: Mary Ann Gray