Dyadic Announces Development and License Agreement to Commercialize Animal-Free Alternative Proteins Using Dapibus™
September 19 2023 - 8:00AM
Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the
“Company”) (NASDAQ: DYAI), a global biotechnology company focused
on building innovative microbial platforms to address the growing
demand for global protein bioproduction and unmet needs for
effective, affordable and accessible biopharmaceutical products and
alternative proteins for human and animal health, today announced
that it entered into a development and exclusive license agreement
to commercialize certain non-animal dairy enzymes used in the
production of food products using Dapibus™.
Dyadic’s proprietary Dapibus™ filamentous fungal
based microbial protein production platform will be used to design,
develop, and commercialize innovative animal-free dairy enzymes and
related proteins and biomaterials. Under the agreement, Dyadic will
receive an upfront payment of $0.6 million for product development
and licensing its Dapibus™ platform, in addition to potential
success fees, milestones, and royalties.
“Today’s announcement further demonstrates the
growing interest and commercial potential of our Dapibus™ platform
for use in developing and manufacturing alternative proteins for
non-pharmaceutical applications. Alternative proteins are
alternatives to animal proteins, which are obtained from a variety
of sources and used to replace conventional animal-based proteins.
The current addressable market exceeds $60 billion, which is
expected to grow to over $190 billion by 2028,” said Joe Hazelton,
Chief Business Officer of Dyadic.
Joe Hazelton continued, “We are very pleased
with the progress our Dapibus™ platform continues to make in the
non-animal alternative protein market in a short period of time,
while our C1-cell protein production platform for animal and human
biopharmaceuticals is also advancing at a rapid pace. This
agreement furthers our market penetration into this rapidly growing
dairy protein segment along with our recent announcement of success
in producing animal-free casein proteins for the potential use in
various dairy foodstuffs, such as vegan cheese, yogurt, and milk
products.”
About Dyadic International,
Inc.
Dyadic International, Inc. is a global
biotechnology company focused on building innovative microbial
platforms to address the growing demand for global protein
bioproduction and unmet clinical needs for effective, affordable,
and accessible biopharmaceutical products and alternative proteins
for human and animal health.
Dyadic’s gene expression and protein production
platforms are based on the highly productive and scalable
fungus Thermothelomyces heterothallica (formerly
Myceliophthora thermophila). Our lead technology, C1-cell
protein production platform, is based on an industrially proven
microorganism (named C1), which is currently used to speed
development, lower production costs, and improve performance of
biologic vaccines and drugs at flexible commercial scales for the
human and animal health markets. Dyadic has also developed the
Dapibus™ filamentous fungal based microbial protein production
platform to enable the rapid development and large-scale
manufacture of low-cost proteins, metabolites, and other biologic
products for use in non-pharmaceutical applications, such as food,
nutrition, and wellness.
With a passion to enable our partners and
collaborators to develop effective preventative and therapeutic
treatments in both developed and emerging countries, Dyadic is
building an active pipeline by advancing its proprietary microbial
platform technologies, including our lead asset DYAI-100 COVID-19
vaccine candidate, as well as other biologic vaccines, antibodies,
and other biological products.
To learn more about Dyadic and our commitment to
helping bring vaccines and other biologic products to market
faster, in greater volumes and at lower cost, please
visit https://www.dyadic.com.
Safe Harbor Regarding Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
including those regarding Dyadic International’s expectations,
intentions, strategies, and beliefs pertaining to future events or
future financial performance, such as interest in and success of
our protein production platforms, the success of our research
projects and third-party collaborations, as well as the
availability of necessary funding. All statements other than
statements of historical fact are forward‑looking. Forward-looking
statements generally can be identified by use of the words
“expect,” “will,” “potential,” “progress”, “advance”, or “continue”
and other similar terms or variations of them or similar
terminology. Actual events or results may differ materially from
those in the forward-looking statements because of various
important factors, including those described in the Company’s most
recent filings with the SEC. Dyadic assumes no obligation to update
publicly any such forward-looking statements, whether because of
new information, future events or otherwise. For a more complete
description of the risks that could cause our actual results to
differ from our current expectations, please see the section
entitled “Risk Factors” in Dyadic’s annual reports on Form 10-K and
quarterly reports on Form 10-Q filed with the SEC, as such factors
may be updated from time to time in Dyadic’s periodic filings with
the SEC, which are accessible on the SEC’s website and
at www.dyadic.com.
Contact:Dyadic International,
Inc.Ping W. RawsonChief Financial OfficerPhone: (561)
743-8333Email: ir@dyadic.com
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