Dyadic Announces $5 Million Stock Repurchase Program
August 16 2017 - 4:30PM
Dyadic International, Inc. (OTCQX:DYAI) (“Dyadic”) announced that
its Board of Directors has authorized a new stock repurchase
program, under which the Company may repurchase up to $5 million of
its outstanding common stock.
Under this new stock repurchase program, Dyadic
may repurchase shares in accordance with all applicable securities
laws and regulations, including Rule 10b-18 of the Securities
Exchange Act of 1934, as amended. The extent to which Dyadic
repurchases its shares, and the timing of such repurchases, will
depend upon a variety of factors, including market conditions,
regulatory requirements and other corporate considerations, as
determined by Dyadic’s management. The repurchase program may be
extended, suspended or discontinued at any time. The Company
expects to finance the program from existing cash resources.
“We believe that Dyadic’s stock does not reflect
Dyadic’s growth prospects and the value of our proprietary C1
technology,” said Michael Tarnok, Dyadic’s Chairman. He further
stated that “this new stock repurchase program provides the Company
with an opportunity to provide liquidity to shareholders and
increase shareholder value.”
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 & 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 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; 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.
Contact:
Dyadic International, Inc.
Thomas L. Dubinski
Chief Financial Officer
Phone: 561-743-8333
Email: tdubinski@dyadic.com
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