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

ments of the industry such as animal feed, while streamlining and discontinuing lower margin products.

License fee revenue decreased to approximately $37,250 for the year ended December 31, 2010 as compared to $10.3 million for the prior year. This decrease was due largely to the fact that Dyadic recognized a $10 million upfront license fee from Codexis, Inc. in 2009 pursuant to a non-exclusive license agreement between Codexis and Dyadic and did not consummate any similar license agreements in 2010.

Research and development revenue decreased to approximately $1.0 million for the year ended December 31, 2010 as compared to approximately $4.3 million for the year ended December 31, 2009.  This decrease was largely due to the recognition of approximately $3.3 million in research and development revenue in 2009 from Dyadic's non-exclusive licensee, Abengoa Bioenergy.

Net loss for the year ended December 31, 2010 was approximately $5.5 million, or $(0.18) per basic and fully diluted share, as compared to net income of approximately $5.2 million, or $0.17 per basic and $0.16 per fully diluted share, for fiscal 2009.

At December 31, 2010, cash and cash equivalents totaled approximately $4.5 million as compared to approximately $8.4 million at December 31, 2009. This decrease was largely due to the net loss for the period and the resolution of the stockholder class action lawsuit which was partially offset by the private debt placement mentioned below.

At December 31, 2010, total debt was approximately $5.4 million as compared to approximately $1.4 million at December 31, 2009. This increase was due to Dyadic's private placement in 2010 of $4.0 million of convertible subordinated debt.

About DyadicDyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of en
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