JUPITER, Fla., Aug. 8, 2013 /PRNewswire/ -- Dyadic International, Inc. (OTC Pink: DYAI), a global leader in the commercial application of biotechnology for the discovery, development and production of enzymes and other proteins, today announced financial results for the quarter ended June 30, 2013.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "The second quarter represented yet another milestone in the emergence of Dyadic as a world leader in the economically and scientifically important business of industrial biotechnology. Adding to our already world-class stable of partners such as Sanofi and Abengoa, we signed a major license with German chemical giant BASF. The BASF deal further validates the effectiveness and value of our C1 production technology for commercializing enzymes and other proteins."
Operating HighlightsDuring the quarter, Dyadic announced that it entered into a non-exclusive worldwide license agreement with BASF, the world's leading chemical company with over $90 billion in annual sales. Under the terms of the agreement, BASF will be able to use Dyadic's patented 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 $6.0 million upfront license fee, and certain research and commercial milestone fees, as well as royalties upon commercialization. During the quarter, $4.2 million of the $5.0 million first installment was received, contributing to a significant increase in cash on hand. The balance of the $1.8 million cash, consisting of a $1.0 million second installment
|SOURCE Dyadic International, Inc.|
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