Business
Dyadic Announces Research, License and Collaboration for the Manufacture of Animal Free Ingredients
JUPITER, Fla., May 11, 2022 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a global
About this update from Dyadic International, Inc.
[{"type":"text","content":"JUPITER, Fla., May 11, 2022 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a global biotechnology company focused on further improving, applying, and deploying its proprietary protein production platform, today announced that it has entered into a Joint Development Agreement (“Agreement”) with a Global Food Ingredients Company to develop and manufacture a number of animal free ingredient products using the company’s biotechnologies. Under the terms of the Agreement: The research project will be fully funded by the Global Food Ingredients Company up to €3.6 million euros.Dyadic to develop its proprietary production cell lines for the manufacture of animal free ingredient product candidates.Dyadic will receive certain defined “Success Fees”, upon reaching certain productivity and activity levels and milestones at different stages of the collaboration.Dyadic will receive a “Commercialization Fee” of low eight figures upon commercialization, and a royalty payment of low single digits based on commercial sales. “While our primary focus remains speeding the adoption of our C1 protein production platform for use in developing and manufacturing biopharmaceuticals, we believe that this strategic partnership demonstrates the company’s ability to leverage its technologies by taking advantage of emerging market opportunities to enhance the value the company can bring to biomanufacturing,” said Mark Emalfarb, Dyadic's President, and Chief Executive Officer. About Dyadic International, Inc. Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila), named 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, lower production costs and improve the 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 and ...