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Dyadic International Reports First Quarter 2013 Financial Results
Date:5/15/2013

upfront license fee, and certain research and commercial milestone fees, as well as royalties upon commercialization.

Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "Empowering BASF, the world's leading chemical company, with our C1 technology provides them with access to a commercially-proven industrial enzyme production platform.  In using its vast resources to develop, manufacture and sell new products from the C1 platform, BASF will have business opportunities for a variety of markets, including animal and human nutrition. This transaction will have long-lasting effects on the industrial enzyme businesses of both Dyadic and BASF."

Emalfarb concluded, "Dyadic looks forward to working with BASF and utilizing our C1 technology for the expression of next-generation enzyme products for a range of applications.  This collaboration is yet another example of Dyadic's ability to leverage our technologies in a variety of industries."

In addition to the BASF research and license agreement noted above, other recent developments include:

  • Abengoa Bioenergy is expected to use C1 derived enzymes to produce cellulosic sugars for its commercial scale cellulosic ethanol biorefinery being built in Hugoton, Kansas.  Based on publicly available information, Dyadic believes that the plant is still on track to meet the previously announced schedule to begin production before the end of 2013.  The plant will have an annual nameplate capacity of 25 million gallons.  In January 2013, the Company received the second installment of $1.0 million included in the expanded Abengoa license agreement announced last year.  The remaining $2.5 million payment is due in July 2013.
  • In the biopharmaceutical field, good progress is being made in the development collaboration with Sanofi Pasteur.  Dyadic's research team continues to progress in the expression and purification of proteins that may form the
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  • SOURCE Dyadic International, Inc.
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