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Dyadic International Reports Third Quarter 2013 Financial Results
Date:11/14/2013

JUPITER, Fla., Nov. 14, 2013 /PRNewswire/ -- Dyadic International, Inc. (OTC Pink: DYAI) ("Dyadic" or "the Company"), 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 and nine months ended September 30, 2013.

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Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "Our third quarter revenue performance reflects growing demand for our proprietary enzymes, especially due to our success in the animal feed market.  We added new sales channels into the food market that we anticipate will enable us to improve margins and accelerate sales growth in the coming quarters.  Our marketing and new product development activities have never been higher.  We continue to broaden and deepen our relationships with several of our strategic partners, have initiated two new product development programs, and are preparing to launch new C1-based products for the pulp & paper and textile markets in the first half of 2014."

Operating HighlightsDuring the quarter, C1 licensees made significant progress.  Some developments include:

  • BASF.  Dyadic achieved the technical milestones defined in the research and licensing agreement, specifically relating to the technology transfer.  The completion of this milestone entitles Dyadic to the final milestone payment of $1,000,000, which will be recognized in the fourth quarter.
  • Abengoa.  Based on publicly available information, Dyadic expects Abengoa to begin production at its Hugoton, Kansas cellulosic ethanol plant in the first or second quarter of 2014, with volume production occurring by mid-2014.  Dyadic expects to receive royalty payments in conjunction with the op
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