Over the past two decades Dyadic has developed a method for producing commercial quantities of enzymes and other proteins required for the production of industrial enzymes; and has successfully licensed this technology to third parties such as Abengoa Bioenergy, BASF, Codexis and others. This technology is based on the Myceliophthora thermophila fungus, which the Company nicknamed C1. The C1 technology is a robust and versatile fungal expression system for gene discovery, development, expression and production of enzymes and other proteins.
The Company believes that the pharmaceutical sector is an attractive opportunity where the C1 technology may be applied. The C1 technology platform is being further developed by Dyadic to become a safe and efficient expression system with the prime objective of speeding up the development and production of commercial scale human and animal vaccines, monoclonal antibodies, biosimilars and/or biobetters, as well as other therapeutic proteins.
On December 31 2015, the Company sold its industrial technology business to DuPont’s (NYSE: DD) industrial Biosciences business for $75 million. DuPont granted Dyadic co-exclusive rights to the C1 technology for use in human and animal pharmaceutical applications, with the exclusive ability to enter into sub-license agreements. DuPont will retain certain rights to utilize the C1 technology for use in pharmaceutical applications, including development and production of pharmaceutical products, for which it will make royalty payments to Dyadic upon commercialization.
Dyadic intends to focus the C1 technology exclusively on the pharmaceutical sector where we believe it has the potential to help develop and manufacture biologic vaccines and drugs faster and more efficiently than existing production systems, with the potential to improve therapeutic vaccine and drug performance.
We are reaching out to the scientific community, industry and governments globally to introduce them to what we believe are the potential benefits the C1 technology platform can bring to the animal and human pharmaceutical industries. We are excited about the many areas in which we believe we potentially can apply the C1 technology platform to make a significant contribution in helping to bring biologic vaccines and drugs to market faster, in greater volumes, with decreased CapEx, at lower cost and with new properties to drug developers and manufacturers. In particular, as the global population ages, the Dyadic vision is for C1 to transform the speed and efficiency with which drugs are brought to market. We believe this has the potential to not only improve access and reduce costs to patients and the healthcare system, but most importantly save lives.