JUPITER, Fla., Jan. 12, 2016 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (OTCQX:DYAI) (“Dyadic”) announced that it repurchased and retired an aggregate of 2,136,752 shares of its common stock at $1.35 per share for an aggregate purchase price of $2,884,615 pursuant to a Securities Purchase Agreement entered into with Abengoa Bioenergy New Technologies, LLC (“ABNT”) on January 12, 2016. The $1.35 per share price is equal to the average conversion price that Dyadic convertible debt holders received upon conversion of debt at December 31, 2015.
The Company’s CEO, Mark Emalfarb, commented, “I am pleased that we have been able to repurchase this large block of stock and believe it will have a very positive impact on shareholder value.”
In addition to the ABNT repurchase, in order to provide liquidity to our shareholders, the Company previously announced that it would initiate a minimum $15 million share repurchase program in 2016. Management expects to announce the details of this share repurchase program before March 31, 2016 or shortly thereafter.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
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 research & development collaborations, 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; (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 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.