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Biotech / Medical : Dyadic

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From: Paul Lee6/27/2011 9:41:50 AM
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DYADIC INTERNATIONAL ENTERS INTO RESEARCH AND LICENSE AGREEMENT

WITH MAJOR PLAYER IN THE ANIMAL FEED INDUSTRY



JUPITER, Fla., June 27, 2011 - Dyadic International, Inc. ("Dyadic") (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the industrial enzyme, bioenergy, and biopharmaceutical industries, announced today that it has entered into a long-term research, development and license agreement with a key provider of animal nutritional solutions throughout the world (the “Commercial Partner”), to develop, manufacture and commercialize animal feed enzyme products.



Under the agreement, the Commercial Partner will continue its successful research cooperation with Dyadic’s R&D subsidiary, Dyadic Netherlands, and utilize Dyadic’s patented and proprietary C1 platform technology to develop fungal strains that will produce high levels of enzymes for feed applications.



As part of this agreement, Dyadic has granted the Commercial Partner a worldwide license to use the developed C1 fungal strains to manufacture and sell animal feed enzyme products. Dyadic will receive an upfront access fee and will be eligible to receive a commercial milestone payment as well as royalties based on the Commercial Partner’s worldwide sales of products which utilize the C1 technology platform.



In accordance with Dyadic’s confidentiality obligations under the agreement, no additional information on the identity of the Commercial Partner or the terms of the agreement can be disclosed.



Dyadic’s President and Chief Executive Officer, Mark Emalfarb, stated, “We are very fortunate to partner with a global player in the animal feed industry to grow our respective businesses in one of the largest and fastest growing enzyme markets. Through our growing relationship with this party, Dyadic has demonstrated and expects to continue to show the benefits of using Dyadic’s C1 technology for the development of novel highly productive and efficient animal feed enzyme products. This transaction is a prime example of Dyadic’s ability to leverage its technologies in a variety of industries by providing its partners with solutions that contribute to better performing products at higher productivity, lower costs and higher margins.”
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