Dyadic International, Inc. Announces the Successful Completion of Its Stock Repurchase Program
February 16 2017 - 8:30AM
Dyadic International, Inc. (OTCQX:DYAI) (“Dyadic”), a global
biotechnology company focused on further improving and leveraging
the patented and proprietary C1 expression system to help speed up
the development and production of biologic vaccines and drugs at
flexible commercial scales, today announced the successful
completion of its previously announced stock repurchase program
under which the Company was authorized to repurchase up to $15
million of its outstanding common stock. Pursuant to the Rule
10b-18 and 10b5-1 Repurchase Plan entered into with Canaccord
Genuity on February 16, 2016, the repurchase program ended pursuant
to its terms on February 15, 2017.
Since the program began on February 16, 2016,
the Company acquired 7,863,980 shares at a weighted average price
per share of $1.58 for an aggregate purchase price of
$12,448,284.
The Company may in the future determine to
initiate a new repurchase program depending upon a variety of
factors, including market conditions, regulatory requirements and
other corporate considerations, as determined by Dyadic’s Board of
Directors and management.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities.
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 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 saving lives.
Please visit Dyadic’s website
at http://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, as well as additional
information related to its professional liability lawsuit, 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 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 outcome of the current
litigation by Dyadic against its former counsel 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.
Contact:
Dyadic International, Inc.
Thomas L. Dubinski
Chief Financial Officer
Phone: 561-743-8333
Email: tdubinski@dyadic.com
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