JUPITER, Fla., March 9, 2015 – Dyadic International, Inc. (“Dyadic”) (OTCQX: DYAI), a global biotechnology company whose patented and proprietary technologies are used to develop, manufacture and sell enzymes and other proteins for the bioenergy, bio-based chemical, biopharmaceutical and industrial enzyme industries, today announced that it has completed a private placement of $2,000,000 in convertible subordinated secured promissory note (the “Note”).
The Note will pay interest quarterly at a rate of 10% per annum and is convertible at the holder’s option into shares of Dyadic common stock at $1.28 per share. Unless converted, the Note will mature on January 1, 2016.
Dyadic expects to use the proceeds from this offering for working capital including continued investments in research and development, and general corporate purposes. Mark Emalfarb, Dyadic Chief Executive Officer, stated, “The financing will help to bridge us to our expected cash flow breakeven point. Additionally, we have a variety of late stage discussions and negotiations ongoing that we anticipate will lead to the further strengthening of our balance sheet. This loan was from an existing third party Dyadic note holder, and highlights investor confidence in the management team, the C1 technology and our business.”
Dyadic International, Inc. 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 enzymes and other proteins for the bioenergy, bio-based chemical, biopharmaceutical and industrial enzyme industries. Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 microorganism, which enables the development and large scale manufacture of low cost enzymes and other proteins for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes. In addition to the sale of proprietary enzyme products, 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 and other proteins which these technologies help produce. Please visit Dyadic’s website at www.dyadic.com. Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time quotes, market information and financial reports for Dyadic on the OTC marketplace website at www.otcmarkets.com/stock/DYAI/quote.
Cautionary Note 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 conditions, including the 2 recent conditions in the global markets; (2) Dyadic’s ability to retain and attract employees; (3) competitive pressures and reliance on key customers and collaborators; (4) Dyadic’s research and development efforts, (5) the outcome of the current litigation by Dyadic against its former counsel and (6) other factors discussed in Dyadic’s publicly available filings, including the risk factors included in Dyadic’s Form 10 Amendment No. 2 filed with the Securities and Exchange Commission and the OTC Markets Group on October 9, 2014.
Dyadic International, Inc.
Thomas L. Dubinski
Chief Financial Officer