JUPITER, Fla., March 10, 2014 /PRNewswire/ -- Dyadic International, Inc. ("Dyadic")(OTC Pink: DYAI), a global biotechnology company, announced today that it received notice from Codexis, Inc. that it will no longer be pursuing its advanced biofuels program. This notice is consistent with Codexis' previous public announcement on November 12, 2013 that it was immediately winding down its advanced biofuels program.
In reliance on Codexis' representations in the notice, including the representations that Codexis is no longer pursuing a cellulosic enzyme program outside of any collaboration it may have with Shell Oil Products US, Dyadic has withdrawn its notice of breach letter to Codexis dated July 30, 2013 relating to its C1 license agreement with Codexis. Furthermore, Dyadic and Codexis are continuing to discuss Codexis' use of Dyadic's technology and potential collaboration opportunities in the space.
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemical, biopharmaceutical and industrial enzyme industries. Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 microorganism, which enables the development and large scale manufacture of low cost enzymes and other proteins for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes. In addition to the sale of proprietary enzyme products, Dyadic actively pursues licensing arrangements and other commercial opportunities to leverage the value of these technologies by providing its partners and collaborators with the benefits of manufacturing and/or utilizing the enzymes and other proteins which these technologies help produce. Please visit Dyadic's website at www.dyadic.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the federal securities laws. Statements about our beliefs and expectations regarding our technology platform, our licensing strategy and potential collaboration opportunities may constitute forward-looking statements. These forward-looking statements involve risks, uncertainties and other factors that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements in this press release. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except as required by law, Dyadic expressly disclaims any intent or obligation to update or revise any forward-looking statements to reflect actual results, any changes in expectations or any change in events. If Dyadic does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: (1) general economic conditions, including the recent conditions in the global markets; (2) Dyadic's ability to retain and attract employees; (3) competitive pressures and reliance on key customers and collaborators; and (4) other factors discussed in Dyadic's publicly available filings, including the risk factors included in Dyadic's Initial Information and Disclosure Statement to be filed with the OTC Markets Group.
SOURCE Dyadic International, Inc.