Dyadic International Announces It Has Reached a Settlement With the Last Remaining Defendant Law Firm, Greenberg Traurig, LLP...
March 02 2017 - 9:51AM
Dyadic International, Inc. ("Dyadic" or the “Company”)
(OTCQX:DYAI), today announced that on March 1, 2017 it reached a
confidential, mid-seven figure settlement with the last remaining
defendant law firm, Greenberg Traurig, LLP and Greenberg Traurig,
P.A., in its ongoing professional liability litigation.
Payment to the Company, net of legal fees and related expenses, is
required within 45 days (with good faith efforts to pay within 30
days) of the execution of the settlement agreement. The
proceeds of this confidential settlement will be reported in the
Company’s consolidated statement of operations for the quarter
ending March 31, 2017, and will be disclosed as a subsequent event
in the Company’s upcoming financial results for the year ended
December 31, 2016.
Chairman of the Board of Directors of the
Company, Michael Tarnok, stated, “This settlement is the fourth and
final in a series with various service providers and ends
long-standing litigation. The Company looks forward to focusing on
advancing the C1 technology in the biopharmaceutical field, which
we believe has the potential to speed development, reduce cost and
improve access to biologic medicines and vaccines around the
world.”
As previously disclosed by the Company:
- On April 14, 2009, the Company filed a complaint against the
Company's former auditor and four law firms for breach of fiduciary
duty and professional negligence. The named defendants to the
complaint consisted of law firms Greenberg Traurig, LLP, Greenberg
Traurig, P.A., Jenkens & Gilchrist, P.C., Bilzin Sumberg Baena
Price & Axelrod LLP and Moscowitz & Moscowitz, P.A., and
certain other named defendants.
- On August 8, 2012, the Company, Jenkens & Gilchrist and
certain other named defendants entered into a Settlement Agreement
and General Releases whereby Jenkens & Gilchrist paid $525,000
for the mutual release and discharge of all causes of action
between the Company and Jenkens & Gilchrist and certain other
named defendants.
- On July 31, 2015, the Company, the law firm of Moscowitz &
Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W.
Moscowitz entered into a Confidential Settlement Agreement and
General Releases for the mutual release and discharge of all causes
of action between the Company and the law firm of Moscowitz &
Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W.
Moscowitz whereby on August 12, 2015, the Company received
full payment of this low-seven figure settlement, which was net of
fees and expenses.
- On April 5, 2016, the Company and the law firm of Bilzin
Sumberg Baena Price & Axelrod LLP entered into a confidential
settlement whereby on April 19, 2016, the Company received full
payment of a low-seven figure settlement, which was net of fees and
expenses.
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 save 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 in its 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 receipt of the
settlement payment by Dyadic from Greenberg Traurig, LLP and
Greenberg Traurig, P.A. 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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