Dyadic International rounds out 2018 with nine research collaborations, two more in the 1Q

Dyadic International Inc (OTCMKTS:DYAI) announced Wednesday that it had closed out 2018 with nine funded proof-of-concept research collaborations and two new collaborations this year.

The Jupiter, Florida-based biotechnology platform company, engages in the development, production, and sale of enzymes and other proteins in the United States and Europe.

READ: Dyadic International says up-listing to the NASDAQ is ‘part of the plan’

It leverages its proprietary C1 expression system to help bring biologic vaccines, therapeutic enzymes, proteins, biosimilars and drugs to market faster and at a lower cost.

“2018 was another year of continued progress with many favorable milestones,” said Dyadic CEO Mark Emalfarb, while emphasizing that the company had inked nine funded research collaborations in 2018.

Dyadic has a research collaboration with Mitsubishi Tanabe Pharma Corp to express two therapeutic compounds using its C1 production platform. It also has one with Sanofi-Aventis Deutschland GmbH, to express the potential of its C1 technology to produce various types of therapeutic compounds for manufacturing protein-based vaccine and biologic drugs.

In 2018, the company also inked a proof of concept research collaboration to produce different types of biologic vaccines and drugs of interest for human and animal health applications, with the Israel Institute of Biologic Research (IIBR), a top 20 pharmaceutical company and two top tier academic institutions, including the Structural Genomics Consortium, which is part of the University of Oxford and the Fraunhofer USA Center for Molecular Biotechnology.

“In the first quarter of 2019, we signed two new research collaboration agreements both with top twenty-five pharmaceutical companies,” said Emalfarb. “These programs demonstrate that the market and the industry are taking notice of Dyadic and the perceived capability of our C1 gene expression platform.”

Eyeing Nasdaq

In January this year, the company filed an application to list its stock on the tech-laden Nasdaq stock exchange.

“We expect that our application will be approved by Nasdaq provided we maintain the minimum stock price requirement and clear the outstanding comments,” said Emalfarb. “We believe a NASDAQ listing will broaden our shareholder base by attracting new investors and ultimately, build long-term shareholder value.”

Financial highlights

Research and development revenue for the year ended December 31, 2018, increased to approximately $1,295,000 compared to $758,000 for the year ended December 31, 2017.

As of December 31, 2018, cash and cash equivalents were approximately $2.4 million compared to $5.8 million at December 31, 2017. The carrying value of investment grade securities, including accrued interest as of December 31, 2018 was $39.1 million compared to $43.3 million at December 31, 2017.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors