JUPITER, Fla., May 15, 2013 /PRNewswire/ -- Dyadic International, Inc. (OTC Pink: DYAI), a global biotechnology company, today announced financial results for the quarter ended March 31, 2013.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "The highlights of Dyadic's first quarter are continuing momentum in our industrial enzyme business and commercialization of our C1 enzyme expression platform. As we announced earlier today, Dyadic entered into a landmark partnership agreement with BASF, which further validates C1 as an industry-leading enzyme discovery and production platform. Based on our current trajectory, we expect profitability and revenue growth in 2013. Industrial enzyme sales increased by over 20% compared to the first quarter of last year. Our cash position improved with the January 2013 receipt of a $1,000,000 license payment, representing the second installment due under the Abengoa license expansion. Finally, the hiring of Danai Brooks as our new Chief Operating Officer will provide the company with additional leadership, augment our management capabilities, and accelerate our licensing and other strategic collaboration efforts."
Operating HighlightsEarlier today, Dyadic announced that it entered a non-exclusive worldwide license agreement with BASF, the world's leading chemical company with over $90 billion in sales. Under the terms of the agreement, BASF will be able to use Dyadic's patented and proprietary C1 platform technology to develop, produce, distribute and sell industrial enzymes in certain fields for a variety of applications. Additionally, BASF will fund research and development at Dyadic's research lab in The Netherlands. In addition to this research funding, BASF has agreed to pay Dyadic a $6 million
|SOURCE Dyadic International, Inc.|
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