JUPITER, Fla., April 06, 2016 (GLOBE NEWSWIRE) -- Dyadic International, Inc. ("Dyadic") (OTCQX:DYAI), today announced it has reached a confidential settlement with one of the two remaining defendant law firms in its ongoing professional liability litigation.
A confidential settlement in a low seven figure amount was reached with the law firm of Bilzin Sumberg Baena Price & Axelrod LLP on April 5, 2016. Payment to the Company, net of legal fees and related expenses, is required within 10 business days of execution of the Settlement Agreement. The proceeds of this settlement will be reported in the Company’s consolidated statement of operations for the quarter ending June 30, 2016, and will be disclosed in the Company’s upcoming first quarter financial statements.
As previously disclosed by the Company, on April 14, 2009, Dyadic International Inc. filed a complaint against the Company's former outside legal counsel for breach of fiduciary duty and professional negligence. The named defendants to the complaint consisted of law firms Greenberg Traurig, LLP, Greenberg Traurig, P.A., Jenkens & Gilchrist, P.C. and Bilzin Sumberg Baena Price & Axelrod LLP as well as attorney Robert I. Schwimmer who previously represented the Company while an attorney at Jenkens & Gilchrist and later at Greenberg Traurig. The Company also named as defendants the law firm of Moscowitz & Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W. Moscowitz.
On July 31, 2015, the Company, the law firm of Moscowitz & Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W. Moscowitz entered into a Confidential Settlement Agreement and General Releases for the mutual release and discharge of all causes of action between the Company and the law firm of Moscowitz & Moscowitz, P.A. and its attorneys, Norman A. Moscowitz and Jane W. Moscowitz. whereby on August 12, 2015, the Company received full payment of this low seven figure settlement, which is net of fees and expenses. The settlement amount was reported in the Company’s consolidated statement of operations for the quarter ending September 30, 2015 in other income. Also as reported previously, on August 8, 2012, the Company, Jenkens & Gilchrist and Mr. Schwimmer entered into a Settlement Agreement and General Releases whereby Jenkens & Gilchrist paid $525,000 for the mutual release and discharge of (1) all causes of action between the Company and Jenkens & Gilchrist, and (2) causes of action between the Company and Mr. Schwimmer including, but not limited to, those in the professional liability lawsuit, but only those which occurred while Mr. Schwimmer served as an attorney at Jenkens & Gilchrist and not while he served as an attorney at Greenberg Traurig or any other time.
Chairman of the Board, Michael Tarnok, stated “We have now settled with three of the original defendants. This settlement simplifies the case, brings the Company one step closer to ultimately bringing this ligation to closure, and allows the Company to focus on its pharmaceutical business and continue to vigorously pursue our claims in this litigation against the primary defendants, Greenberg Traurig, LLP, Greenberg Traurig, P.A. (collectively, "Greenberg Traurig") and the estate of Robert I Schwimmer.“ On March 2, 2016 the Court issued an Order scheduling the lawsuit for a six-week jury trial commencing January 6, 2017.
About Dyadic International, Inc.
Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant 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 and production of biologic 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 & 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. 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 and at lower cost to drug developers and manufacturers and, hopefully, to patients and the healthcare system. 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, 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.