JUPITER, Fla., Feb. 29, 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 industrial enzyme, bioenergy, and biopharmaceutical industries, announced today that it has entered into a research, development and license agreement with a leading global provider of nutritional ingredient solutions to use Dyadic's patented and proprietary C1 platform technology to develop, manufacture and commercialize key enzyme products for food applications.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "We are very fortunate to partner with a company that has such a long history of providing innovative and effective products. Dyadic looks forward to utilizing its C1 technology for the expression of next generation enzyme products for food applications. This collaboration is yet another example of Dyadic's ability to continue leveraging its technologies in a variety of industries by providing its partners with the pathway towards greater profitability through better performing products at lower costs and higher yields."
Under this agreement, Dyadic's partner will fund research at Dyadic's research and development center in the Netherlands to develop customized C1 fungal strains that can produce high levels of key enzymes for food applications. Dyadic has granted its partner a worldwide license to use these developed C1 fungal strains to manufacture and sell these key ingredients used in manufacturing certain foods.
In addition to research funding, if the research is successful and Dyadic's partner commercializes enzyme products derived from Dyadic's C1 technology, Dyadic will be eligible to receive commercial milestone payments as well as ongoing royalties based on the production of these enzyme products. Additionally, if Dyadic is successful in achieving the desired enzyme yields in this project, both parties agree that it will lead to collaboration on additional development projects for the food industry.
At the request of Dyadic's partner, Dyadic has agreed to keep the identity of its partner confidential until further notice.
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 enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical 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.
Dyadic Netherlands is a wholly owned subsidiary of Dyadic based in Wageningen, The Netherlands that is dedicated to research and development activities for the benefit of Dyadic, its collaborators and customers. Please visit Dyadic Netherlands' website at www.dyadic.nl.
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.
SOURCE Dyadic International, Inc.