JUPITER, Fla., July 10, 2017 (GLOBE NEWSWIRE) — Dyadic International, Inc. (“Dyadic”) (OTCQX:DYAI), announced today that it has entered into a comprehensive series of research and development agreements, including a potential commercialization agreement, with Biotechnology Development for Industry (“BDI Holdings”), a Spanish biotech company, and its subsidiaries – VLP The Vaccines Company, S.L.U. (“VLPbio”), and Biotechnology Developments for Industry in Pharmaceuticals, S.L.U. (“BDI Pharma”) (collectively “BDI”). Dyadic expects to leverage the BDI team’s know-how in the development of next generation vaccines and drugs. Additionally, Dyadic will utilize BDI’s previous C1 industrial fermentation scale-up and commercialization experience with yeast and filamentous fungi processes to further advance Dyadic’s proprietary C1 technology for biopharmaceutical product development and production.
Dyadic engaged BDI to provide research and development services for an aggregate of approximately USD $2.1 million over two years, including EUR €1 million through a Research Services Agreement to develop designated C1 based product candidates and another USD $1 million through a Service Framework Agreement for certain research projects specified by Dyadic. All of the data and any products developed from the funded research projects will be owned by Dyadic. As part of these research agreements, Dyadic received a 16.1% equity interest in BDI Holdings and a 3.3% equity interest in VLPbio. Other shareholders of BDI include the founders of BDI and Inveready, an independent Spanish venture capital firm specializing in Biotechnology.
“We are very excited about this research and development arrangement with BDI, as we expect it to help us accelerate the further development of C1’s capabilities in biopharmaceutical product development and manufacturing,” said Mark A. Emalfarb, founder and CEO of Dyadic. “This collaboration provides us with priority access to BDI’s scientists who have extensive experience working with C1 and other microorganisms. Furthermore, BDI’s vaccine business provides us with additional opportunities to apply the C1 technology.”
About Dyadic International, Inc.
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 Myceliopthora 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 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 the Company’s 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 may be considered forward-looking statements within the meaning of the federal securities laws. 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; and (8) other factors discussed in Dyadic’s publicly available filings, including information set forth under the caption “Risk Factors” in our December 31, 2016 Annual Report filed with OTC Markets on March 24, 2017. 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