JUPITER, Fla., May 1, 2012 /PRNewswire/ -- Dyadic International, Inc. ("Dyadic")(OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, biochemical, biopharmaceutical and industrial enzyme industries, announced today that Abengoa Bioenergy New Technologies, Inc. ("Abengoa") has agreed to pay Dyadic $5.5 million for an expansion of its rights under the non-exclusive license agreement the parties entered into in February 2009.
The license agreement originally provided Abengoa with the right to use Dyadic's C1 platform technology to develop, manufacture and sell enzymes for use in second generation biorefining processes to convert biomass into sugars for the production of fuels, chemicals and/or power in certain territories. The amended license agreement expands the territories to worldwide rights and provides Abengoa with the ability to produce, use and sell C1 enzymes in first as well as second generation biofuels and other bio-based processes. In addition to the license fee described above, Dyadic is entitled to receive royalties on the commercial production and use by Abengoa, its affiliates and third party sublicensees, as well as royalty fees on the sale of products by Abengoa and its affiliates. Abengoa will have the right to work with third party sublicensees to further develop C1 enzymes. All other terms of the amended and non-exclusive license agreement remain confidential.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "Since 2007, Abengoa and Dyadic have worked closely together in using Dyadic's C1 platform technology to develop improved enzymes that efficiently convert biomass into fermentable sugars. Abengoa has produced these enzymes at commercial scale and has successfully used them in its demonstration plant in Salamanca, Spain to produce cellulosic ethanol. We are proud and excited to be working with such a world class organization to integrate our respective technologies to produce products that can help the world reduce its dependence on oil while utilizing more sustainable alternatives."
Dyadic 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 products and solutions for the bioenergy, biochemical, biopharmaceutical and industrial enzyme industries.
Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 fungus which enables the development and large scale manufacture of low cost proteins and enzymes for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes and proteins. 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 which these technologies help produce. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties 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. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.