Dyadic International Co., Ltd.
JUPITER, Fla., June 28, 2024 (GLOBE NEWSWIRE) — Dyadic International, Inc. (“Dyadic”) (NASDAQ: DYAI) today announced that it has entered into a development and commercialization partnership with Proliant Health and Biologicals (PHB), a leading supplier of purified proteins for the diagnostic, nutrition and cell culture markets.
Under the terms of the agreement, Dyadic will receive an upfront milestone payment of $1.5 million and agree to receive a portion of the profits PHB receives from sales of animal-free recombinant albumin products produced using Dyadic's filamentous fungal microbial platform. A portion of the upfront milestone payment will be allocated toward technology transfer and commercialization efforts. The initial focus of the partnership will be on commercializing recombinant human serum albumin products, with the first products expected to be launched in the first half of 2025.
“We are excited to partner with Proliant Health and Biologicals, a global leader in the manufacture of bovine serum albumin and other cell culture products for the life sciences industry. This collaboration brings together our combined experience and expertise in developing animal-free recombinant products for the approximately $6 billion serum albumin market,” said Joe Hazelton, Dyadic's Chief Operating Officer. “This agreement is an excellent example of the realization of our strategy to commercialize products and generate near-term revenues in the alternative protein segment enabled by Dyadic's microbial platform. The combination of Dyadic's protein production technology and PHB's established market position creates a compelling opportunity to co-develop cost-effective, high-quality, scalable products for the large and growing serum albumin market for applications in cell culture, vaccines, medical devices and diagnostics segments.”
“Over the past few years, we have seen growing interest and demand for alternative protein sources in the diagnostics and life sciences industries. We are excited to partner with Dyadic to add a non-animal protein source to PHB's product portfolio,” said Chris Detzel, CEO of PHB. “This collaboration creates access to a technology with unlimited potential for product innovation to meet customer and market demand. We are excited that this agreement allows us to enter the non-animal protein space and begin supplying recombinant protein products that compete directly with conventional proteins in both total value and quality.”
About Dyadic International, Inc.
Dyadic International, Inc. is a global biotechnology company focused on leveraging its innovative microbial protein production platform to meet the growing demand for cost-effective recombinant proteins in industrial, animal health and human health applications.
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Dyadic's protein production platforms, C1 and Dapibus™, are based on the highly productive and scalable fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila). The platforms enable a fast, clean and sustainable approach to producing high quality proteins at scale, reducing the cost of goods. Dyadic leverages its Dapibus platform to develop protein-based products for industry, life science and next generation food sectors, and its C1 platform to enable innovative life science companies to develop vaccines and therapeutics for animal and human health.
For more information about Dyadic, please visit www.dyadic.com.
About Proliant Health & Biologicals:
Proliant Health & Biologicals is committed to enabling a healthier future through the development of cutting-edge diagnostics, nutraceuticals and therapeutics. As the world's largest and most experienced manufacturer of purified bovine protein, PHB is committed to delivering the highest levels of consistency, traceability and quality on the market.
PHB is headquartered in Ankeny, Iowa, with manufacturing facilities in Boone, Iowa, and Fielding, New Zealand.
Disclaimer Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding Dyadic International's expectations, intentions, strategies and beliefs regarding future events and future financial performance, including the success of its alternative protein business, its internal programs and collaborations with third parties. Actual events or results may differ materially from the forward-looking statements due to a variety of important factors, including those described in the Company's most recent filings with the SEC. Dyadic undertakes no obligation to publicly update such forward-looking statements, whether as a result of new information, future events or otherwise. For a more detailed description of risks that could cause actual results to differ from current expectations, see the “Risk Factors” section of Dyadic's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These factors may be updated from time to time in Dyadic's periodic filings with the SEC, which can be accessed on the SEC's website and at www.dyadic.com.
contact:
Dyadic International Co., Ltd.
Ping W. Lawson
CFO
Phone: (561) 743-8333
Email: ir@dyadic.com
