Dyadic International Announces It Has Reached a Settlement With the Last Remaining Defendant Law Firm, Greenberg Traurig, LLP and Greenberg Traurig, P.A., in Its Professional Liability Litigation
JUPITER, Fla., March 2, 2017 (GLOBE NEWSWIRE) — Dyadic International, Inc. (“Dyadic” or the “Company”) (OTCQX:DYAI), today announced that on March 1, 2017 it reached a confidential, mid-seven figure settlement with the last remaining defendant law firm, Greenberg Traurig, LLP and Greenberg Traurig, P.A., in its ongoing professional liability litigation. Payment to the Company, net of legal fees and related expenses, is required within 45 days (with good faith efforts to pay within 30 days) of the execution of the settlement agreement. The proceeds of this confidential settlement will be reported in the Company’s consolidated statement of operations for the quarter ending March 31, 2017, and will be disclosed as a subsequent event in the Company’s upcoming financial results for the year ended December 31, 2016.
Chairman of the Board of Directors of the Company, Michael Tarnok, stated, “This settlement is the fourth and final in a series with various service providers and ends long-standing litigation. The Company looks forward to focusing on advancing the C1 technology in the biopharmaceutical field, which we believe has the potential to speed development, reduce cost and improve access to biologic medicines and vaccines around the world.”
As previously disclosed by the Company:
- On April 14, 2009, the Company filed a complaint against the Company’s former auditor and four law firms for breach of fiduciary duty and professional negligence. The named defendants to the complaint consisted of law firms Greenberg Traurig, LLP, Greenberg Traurig, P.A., Jenkens & Gilchrist, P.C., Bilzin Sumberg Baena Price & Axelrod LLP and Moscowitz & Moscowitz, P.A., and certain other named defendants.
- On August 8, 2012, the Company, Jenkens & Gilchrist and certain other named defendants entered into a Settlement Agreement and General Releases whereby Jenkens & Gilchrist paid $525,000 for the mutual release and discharge of all causes of action between the Company and Jenkens & Gilchrist and certain other named defendants.
- On July 31, 2015, the Company, the law firm of Moscowitz & Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W. Moscowitz entered into a Confidential Settlement Agreement and General Releases for the mutual release and discharge of all causes of action between the Company and the law firm of Moscowitz & Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W. Moscowitz whereby on August 12, 2015, the Company received full payment of this low seven figure settlement, which was net of fees and expenses.
- On April 5, 2016, the Company and the law firm of Bilzin Sumberg Baena Price & Axelrod LLP entered into a confidential settlement whereby on April 19, 2016, the Company received full payment of a low seven figure settlement, which was net of fees and expenses.
Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical protein production system based on the fungus Myceliophthora thermophila, nicknamed C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, production and performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines, monoclonal antibodies, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in developing and manufacturing biopharmaceuticals which these technologies help produce. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic drugs to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly save lives.
Please visit Dyadic’s website at https://www.dyadic.com for additional information, including details regarding Dyadic’s plans for its biopharmaceutical business.
Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time quotes, market information and financial reports for Dyadic in its annual and quarterly reports which are filed with the OTC markets. Please visit the OTC markets website at www.otcmarkets.com/stock/DYAI/quote.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve risks, uncertainties and other factors that could cause Dyadic’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except as required by law, Dyadic expressly disclaims any intent or obligation to update or revise any forward-looking statements to reflect actual results, any changes in expectations or any change in events. Factors that could cause results to differ materially include, but are not limited to: (1) general economic, political and market conditions; (2) our ability to carry out and implement our biopharmaceutical research and business plans and strategic initiatives; (3) Dyadic’s ability to retain and attract employees, consultants, directors and advisors; (4) our ability to implement and successfully carry out Dyadic’s and third parties’ research and development efforts; (5) our ability to obtain new license and research agreements; (6) our ability to maintain our existing access to, and/or expand access to, third party contract research organizations in order to carry out our research projects for ourselves and third parties; (7) competitive pressures and reliance on key customers and collaborators; (8) the receipt of the settlement payment by Dyadic from Greenberg Traurig, LLP and Greenberg Traurig, P.A. and; (9) other factors discussed in Dyadic’s publicly available filings, including information set forth under the caption “Risk Factors” in our September 30, 2016 Quarterly Report filed with the OTC Markets on November 10, 2016 and our December 31, 2015 Annual Report filed with OTC Markets on March 29, 2016. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.
Dyadic International, Inc.
Thomas L. Dubinski
Chief Financial Officer