JUPITER, Fla., Nov. 8, 2012 /PRNewswire/ -- Dyadic International, Inc. (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemicals, biopharmaceutical and industrial enzyme industries, today announced financial results for the quarter ended September 30, 2012.
Business OutlookDyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "As we continue down the road toward a profitable 2012, recent events have further increased our confidence in Dyadic's near-term growth prospects."
"Dyadic's research team in the Netherlands has experienced a string of successes over the last few months in using Dyadic's patented and proprietary C1 technology to conduct research projects funded by third parties in the key areas of biofuels, animal health and nutrition, food and biopharmaceuticals. In particular, the novel ability of Dyadic's C1 white strain to produce purer cost-efficient enzymes, is proving to be an additional valuable tool in attracting research and licensing partners. Some of these projects are currently in the process of being expanded which will generate additional R&D revenue and further increase the likelihood of increased future license revenue to Dyadic. The greater than two-fold increase in deferred research and development obligation in the third quarter as compared to the previous quarter as listed in our third quarter financial statements represents a growing backlog of research revenue which will be recognized in subsequent quarters as this research is performed. This shows that research and development activities are actually still growing even though the related revenue will not be recognized until future periods."
"Adding to Dyadic's recent research accomp
|SOURCE Dyadic International, Inc.|
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