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Dyadic International Reports 2010 Fiscal Year Financial Results
Date:3/10/2011

technology platform. Lastly, we continued to strengthen our intellectual property portfolio with the recent grants of two additional U.S. patents."

2010 Highlights

  • Achieved annual revenues of approximately $8.4 million for the year ended December 31, 2010 which included an approximately nine percent increase in product related revenue with improved margins.
  • Raised $4 million in a private placement of convertible subordinated secured promissory notes.
  • Furthered the application of Dyadic's C1 platform technology in the field of biopharmaceuticals by collaborating with EnGen Bio as Dyadic's prospective exclusive licensee for additional collaborations in this field.
  • Achieved a final resolution and dismissal of the stockholder class action lawsuit.
  • Engaged The Abraham Group led by former U.S. Secretary of Energy, Spencer Abraham, as a strategic advisor.
  • Strengthened the management team in the areas of strategic alliances and sales and marketing.
  • Completed the re-sequencing and, with Scripps Florida, a division of the Scripps Research Institute, the re-annotation of the C1 genome.
  • Received an additional U.S. patent pertaining to expression and subsequent screening of DNA libraries in filamentous fungal hosts which may help speed up the discovery of novel genes and development of their corresponding enzymes and proteins.

  • Financial ResultsTotal revenue for the year ended December 31, 2010 decreased to approximately $8.4 million as compared to approximately $21.4 million for the prior year.

    Net product related revenue for the year ended December 31, 2010 increased nine percent to approximately $7.4 million as compared to approximately $6.8 million for the year ended December 31, 2009. Gross margins for the year ended December 31, 2010 continued to improve as a result of the restructuring of Dyadic's industrial enzyme business to focus on higher margin products for growing seg
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    SOURCE Dyadic International, Inc.
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