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Dyadic International Reports 2010 Third Quarter Financial Results
Date:11/15/2010

. License fee revenue for the nine months ended September 30, 2010 decreased to $32,000 as compared to approximately $10.2 million for the nine months ended September 30, 2009. The decrease in license fee revenue for the three and nine month periods ended September 30, 2010 as compared to the same periods in 2009 was due to license fee revenue recognized in the third quarter of 2009 of approximately $9.9 million from Codexis, Inc. ("Codexis") pursuant to a non-exclusive license agreement between Codexis and Dyadic.

Research and development revenue for the third quarter ended September 30, 2010 decreased to approximately $64,000 as compared to approximately $298,000 for the third quarter ended September 30, 2009. Research and development revenue for the nine months ended September 30, 2010 decreased to approximately $618,000 as compared to approximately $3.9 million for the nine months ended September 30, 2009. The decrease in research and development revenue for the nine months ended September 30, 2010 as compared to the nine months ended September 30, 2009 was due to research and development revenue recognized in the first quarter of 2009 of approximately $3.3 million from Abengoa Bioenergy R&D, Inc. ("Abengoa") pursuant to a securities purchase agreement between Dyadic and Abengoa.

Net loss for the third quarter ended September 30, 2010 was approximately $1.4 million, or $(0.04) per basic and diluted share as compared to a net loss of approximately $654,000, or $(0.02) per basic and diluted share for the third quarter ended September 30, 2009. Net loss for the nine months ended September 30, 2010 was approximately $3.9 million, or $(0.13) per basic and diluted share as compared to net income of approximately $10.2 million, or $0.34 per basic and $0.31 per diluted share, for the nine months ended September 30, 2009.

At September 30, 2010, cash and cash equivalents were approximately $5.9 million as compared to approximately $8.4 million at
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SOURCE Dyadic International, Inc.
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