JUPITER, Fla., June 27, 2011 – Dyadic International, Inc. (“Dyadic”) (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the industrial enzyme, bioenergy, and biopharmaceutical industries, announced today that it has entered into a long-term research, development and license agreement with a key provider of animal nutritional solutions throughout the world (the “Commercial Partner”), to develop, manufacture and commercialize animal feed enzyme products.
Under the agreement, the Commercial Partner will continue its successful research cooperation with Dyadic’s R&D subsidiary, Dyadic Netherlands, and utilize Dyadic’s patented and proprietary C1 platform technology to develop fungal strains that will produce high levels of enzymes for feed applications.
As part of this agreement, Dyadic has granted the Commercial Partner a worldwide license to use the developed C1 fungal strains to manufacture and sell animal feed enzyme products. Dyadic will receive an upfront access fee and will be eligible to receive a commercial milestone payment as well as royalties based on the Commercial Partner’s worldwide sales of products which utilize the C1 technology platform.
In accordance with Dyadic’s confidentiality obligations under the agreement, no additional information on the identity of the Commercial Partner or the terms of the agreement can be disclosed.
Dyadic’s President and Chief Executive Officer, Mark Emalfarb, stated, “We are very fortunate to partner with a global player in the animal feed industry to grow our respective businesses in one of the largest and fastest growing enzyme markets. Through our growing relationship with this party, Dyadic has demonstrated and expects to continue to show the benefits of using Dyadic’s C1 technology for the development of novel highly productive and efficient animal feed enzyme products. This transaction is a prime example of Dyadic’s ability to leverage its technologies in a variety of industries by providing its partners with solutions that contribute to better performing products at higher productivity, lower costs and higher margins.”
Dyadic is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Dyadic also utilizes an integrated technology platform based on its patented and proprietary C1 fungus which enables the development and large scale manufacture of low cost proteins and enzymes for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes and proteins. Dyadic actively pursues licensing arrangements and other commercial opportunities to leverage the value of these technologies by providing its partners and collaborators with the benefits of manufacturing and/or utilizing the enzymes which these technologies help produce. Please visit Dyadic’s website at www.dyadic.com.
Dyadic Netherlands is a wholly owned subsidiary of Dyadic based in Wageningen, The Netherlands that is dedicated to research and development activities for the benefit of Dyadic, its collaborators and customers. Please visit Dyadic Netherlands’ website at www.dyadic.nl.
CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release are forward- looking statements. These forward-looking statements involve risks and uncertainties 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. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
Dyadic International, Inc.
Adam J. Morgan
Vice President General Counsel & Business Development