Dyadic Announces an Important Multi-Year Research and Development Arrangement to Further Advance Its Proprietary C1 Technolo...
July 10 2017 - 8:30AM
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.
Contact:
Dyadic International, Inc.
Thomas L. Dubinski
Chief Financial Officer
Phone: 561-743-8333
Email: tdubinski@dyadic.com
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