Business
Dyadic Announces Development and License Agreement to Commercialize Animal-Free Alternative Proteins Using Dapibus™
Dyadic to receive upfront payment of $0.6 million for product development and licensing its Dapibus™ platform, in addition to potential success fees,
About this update from Dyadic International, Inc.
[{"type":"text","content":"Dyadic to receive upfront payment of $0.6 million for product development and licensing its Dapibus™ platform, in addition to potential success fees, milestones, and royalties. JUPITER, Fla., Sept. 19, 2023 (GLOBE NEWSWIRE) -- 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 Inter...