Dyadic Receives Funding for New Advanced Biofuels Program
JUPITER, Fla., May 13, 2015 /PRNewswire/ -- Dyadic International, Inc. ("Dyadic") (OTCQX: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemicals, biopharmaceutical, food and feed industries, announced today details regarding 2G BIOPIC, a new advanced biofuels project funded by the European Commission's Horizon 2020 program. In the 2G BIOPIC project, Dyadic's subsidiary Dyadic Netherlands B.V. ("Dyadic Netherlands") will work in collaboration with Compagnie Industrielle de Matiere Vegetale ("CIMV") and five other industry partners to develop, construct and operate a large demonstration-scale facility that produces ethanol from biomass.
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Dyadic's Chief Operating Officer, Danai Brooks, stated, "We are pleased to continue working closely with CIMV, and believe that Dyadic's C1 enzymes will play a critical role in the 2G BIOPIC project success. The aim of 2G BIOPIC is to demonstrate the performance, reliability and sustainability of producing bioethanol from agriculture waste and wood. The demonstration plant built in the 2G BIOPIC program will process one ton of biomass per hour, or about 50 times the size of the CIMV pilot plant upon which the project is based. Successful funding of the 2G BIOPIC program further highlights the strength of Dyadic's C1 Expression System in the field of advanced biofuels."
Emmanuel Dutournier, CIMV's Chief Financial Officer, Member of the Board of Directors and 2G BIOPIC Program Coordinator, continued, "2G BIOPIC is the second EU funded program where we are collaborating with Dyadic Netherlands. The first program Biomimetic, which deals with depolymerization of our Biolignin™, opens up many opportunities and we look forward to furthering our work together with the Dyadic team. We believe that the Dyadic and CIMV technologies are highly complementary, as Dyadic's C1 enzymes work particularly well with the purer plant material produced from CIMV's biomass pretreatment technology."
Dr. Wim van der Wilden, General Manager of Dyadic Netherlands, stated, "Enzymes play a critical role in converting biomass, including agricultural waste and wood, into bioethanol. They break down cellulose and hemicellulose, major components of all plants, into simple, fermentable sugars. Dyadic's CMAX® enzymes offer an industry-leading level of performance across very broad temperature and pH ranges. Using our patented and proprietary C1 technology platform, we have been able to dramatically reduce costs and improve efficacy of our product line, which is now on its fifth generation CMAX®5. In the 2G BIOPIC project, we expect to tailor our commercial CMAX® enzyme to 2G BIOPIC's pretreated biomass feedstock to further increase enzyme effectiveness and reduce costs."
The grant provides that Dyadic Netherlands will be paid a total of approximately €1.0 million over the three year term of the project. The amount includes an upfront payment of €439,819 which the Company received today.
About Dyadic
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. Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time quotes, market information and financial reports for Dyadic on the OTC marketplace website at www.otcmarkets.com/stock/DYAI/quote.
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. 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 and (6) other factors discussed in Dyadic's publicly available filings, including the risk factors included in Dyadic's 2014 Annual Report filed with the OTC Markets Group on March 27, 2015.
SOURCE Dyadic International, Inc.
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