EXPERTISE & FLEXIBILITY
On December 31 2015, the Company sold its industrial technology business to DuPont’s (NYSE: DD) industrial Biosciences business for $75 million. In connection with the DuPont Transaction, the Company’s former research center in Wageningen, the Netherlands was acquired by DuPont. As part of the DuPont transaction, we negotiated the rights to continue to be able to fund research & development at our former research center for a period of three years.
We continue to fund the Company’s research & development efforts in the existing EU-funded ZAPI vaccination program, and additionally, the Company has initiated internally funded research & development pharmaceutical programs at the Company’s former research center in Wageningen, the Netherlands, which was acquired by DuPont.
On September 7, 2016 we announced that we have entered into a research and development agreement to further advance its proprietary C1 fungal strain for biopharmaceutical development & production. The collaboration is targeting the development of highly productive C1 strains & fermentation processes, and the accompanying associated molecular tools to produce a number of targeted therapeutic proteins for Dyadic as well as those specified by third party biotech and pharmaceutical companies. We are continuing to review our options regarding existing and future internal and external pharmaceutical research and development initiatives.
The Company plans to initially use contract research organizations to carry out its research and development activities. We believe that having access to our former research center, and other very capable and renowned capable CRO’s provide us with greater flexibility and access to the expertise needed to successfully demonstrate the value of the C1 technology platform for its use in developing and manufacturing biologic vaccines and drugs. As we formerly successfully did in the past for our industrial biotechnology business, when the Company has successfully demonstrated C1’s capabilities in developing biologic vaccines & drugs, management will consider setting up its own research and development site to carry out its business plan.