JUPITER, Fla., Jan. 13, 2017 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic” or the “Company”) (OTCQX:DYAI), a global biotechnology company focused on further improving and leveraging the patented and proprietary C1 expression system to help speed up the development and production of biologic vaccines and drugs at flexible commercial scales, today announced that it entered into a Securities Purchase Agreement with Pinnacle Family Office Investments L.P (“Pinnacle”) effective as of January 11, 2017 pursuant to which Dyadic will repurchase an aggregate of 2,363,590 shares of its common stock at $1.54 per share for an aggregate purchase price of $3,639,929. The closing is expected to occur on January 20, 2017. Upon repurchase, the shares will be treated by Dyadic as treasury stock. Subsequent to the repurchase, Pinnacle will continue to own approximately 2.1 million common shares of Dyadic.
The repurchase of shares from Pinnacle is in addition to Dyadic’s previously announced share repurchase program, under which Dyadic has approximately $3.8 million remaining available for repurchase of Dyadic’s stock pursuant to such program as of January 12, 2017. The extent to which Dyadic repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors as determined by Dyadic, and the repurchase program may be modified, extended, suspended or discontinued at any time.
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 is developing what it believes will be a potentially significant biopharmaceutical protein production system based on the fungus Myceliopthora thermophila, nicknamed C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, production and performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other 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 pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in developing and manufacturing biopharmaceuticals which these technologies help produce. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic drugs to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly saving lives.
Please visit Dyadic’s website at http://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, political and market conditions; (2) our ability to carry out and implement our biopharmaceutical research and business plans and strategic initiatives; (3) Dyadic’s ability to retain and attract employees, consultants, directors and advisors; (4) our ability to implement and successfully carry out Dyadic’s and third parties research and development efforts; (5) our ability to obtain new license and research agreements; (6) our ability to maintain our existing access to, and/or expand access to third party contract research organizations in order to carry out our research projects for ourselves and third parties; (7) competitive pressures and reliance on key customers and collaborators; (8) the outcome of the current litigation by Dyadic against its former counsel and; (9) other factors discussed in Dyadic’s publicly available filings, including information set forth under the caption “Risk Factors” in our September 30, 2016 Quarterly Report filed with the OTC Markets on November 10, 2016 and our December 31, 2015 Annual Report filed with OTC Markets on March 29, 2016. 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.