JUPITER, Fla., Dec. 31, 2015 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (OTCQX:DYAI) (“Dyadic”) announced the closing of the previously announced sale of substantially all of the assets of its Industrial Technology business to DuPont’s (NYSE:DD) Industrial Biosciences business for $75 million in cash (the “Transaction”). As previously announced, following the closing, Dyadic intends to focus exclusively on its biopharmaceutical business.
In connection with the closing of the Transaction, all of Dyadic’s outstanding debt has been paid off or converted into shares of Dyadic’s common stock. A total of $8.11 million in convertible debt was exchanged for 6.12 million shares of Dyadic’s common stock and 1.05 million warrants with a $1.48 per share strike price with a December 31, 2016 expiration date. A total of $0.56 million in cash and 0.10 million warrants with a $1.48 per share strike price with a December 31, 2016 expiration date was paid/issued to convertible debt holders who elected not to convert. In addition, the outstanding non-convertible note was paid off with $1.46 million in cash.
As a result of the conversion of debt into shares of Dyadic’s common stock a total of 6.12 million shares of Dyadic common stock will be issued upon the closing of the Transaction (excluding any shares that may be issued upon exercise of the granted warrants). This represents 17.9% of the shares of the Company’s outstanding common stock as of December 31, 2015. Also in connection with the above debt conversion, Dyadic’s CEO, Mark Emalfarb fully converted $1.0 million in debt for 0.69 million shares at a $1.48 per share price and the Francisco Trust, a trust for the benefit of his family, fully converted $0.5 million in debt for 0.40 million shares at a $1.28 per share price. The beneficial ownership of Dyadic common stock held by Dyadic’s CEO, Mark Emalfarb and the Francisco Trust decreased from 12.2% to 11.1% and from 12.7% to 11.1%, respectively.
The remainder of the net proceeds from the Transaction will be used to fund the previously announced stock repurchase program, ongoing professional liability litigation, the ongoing biopharmaceutical business and for general corporate purposes.
Dyadic will continue to trade on the OTCQX exchange as DYAI.
About Dyadic International, Inc.
Dyadic International, Inc. is a global biotechnology company which uses patented, licensed and proprietary technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines, monoclonal antibodies, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic utilizes an integrated technology platform based on the patented and proprietary strains of the C1 microorganism, which enables the development and large scale manufacture of low cost proteins. Dyadic believes that the C1 technology platform has potential to be a safe and efficient expression system that may help speed up the development and production of biologics at flexible commercial scales. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes C1 may help bring biologic drugs to market faster, in greater volumes and at lower cost to drug developers and manufacturers and, hopefully, to patients and the healthcare system. Dyadic pursues licensing arrangements and other commercial opportunities to leverage the value of these technologies by providing its partners and collaborators with the benefits of developing and manufacturing and/or utilizing the biopharmaceuticals which these technologies help produce. Please visit Dyadic’s website at www.dyadic.com for additional information, including details regarding Dyadic’s plans for its biopharmaceutical business.
Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time quotes, market information and financial reports for Dyadic, as well as additional information related to its professional liability lawsuit, in the company’s annual and quarterly reports which are filed with the OTC markets. Please visit the OTC markets website at www.otcmarkets.com/stock/DYAI/quote.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of the federal securities laws. 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. 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. 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 following the closing of the Transaction; (3) competitive pressures and reliance on key customers and collaborators; (4) Dyadic’s research and development efforts, (5) the outcome of the current litigation by Dyadic against its former counsel, (6) Dyadic’s ability to obtain additional debt or equity financing sources and (7) other factors discussed in Dyadic’s Proxy Statement and other publicly available filings, including information set forth under the caption “Risk Factors” in our December 31, 2014 Annual Report filed with OTC Markets on March 27, 2015. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.
Contact: Dyadic International, Inc. Mark A. Emalfarb Chief Executive Officer 561-743-8333
Source:Dyadic International, Inc.