JUPITER, Fla., Aug. 24 /PRNewswire-FirstCall/ -- Dyadic International, Inc. ("Dyadic") (Pink Sheets: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of specialty enzyme products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries, today announced that it has completed a private placement of $3,000,000 in convertible subordinated secured promissory notes (the "Notes") with two investors.
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The Notes will pay interest quarterly at a rate of 8% per annum. The Notes will be convertible, at the holder's option after January 1, 2011, into shares of Dyadic common stock at a conversion price of $1.82 which represents 120% of the average closing price for the 30-day period preceding the closing date. The Notes mature on January 1, 2013.
Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "This financing provides Dyadic with a timely source of capital on terms that are substantially less dilutive for Dyadic's stockholders than other capital raising alternatives. The proceeds of this offering strengthen Dyadic's balance sheet and improves our working capital which puts Dyadic in a better position to negotiate additional licensing arrangements and strategic collaborations on the best possible terms for the benefit of Dyadic and its stockholders."
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 products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties 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. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Dyadic International, Inc.
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The Notes will pay interest quarterly at a rate of 8% per annum. The Notes will be convertible, at the holder's option after January 1, 2011, into shares of Dyadic common stock at a conversion price of $1.82 which represents 120% of the average closing price for the 30-day period preceding the closing date. The Notes mature on January 1, 2013.
Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "This financing provides Dyadic with a timely source of capital on terms that are substantially less dilutive for Dyadic's stockholders than other capital raising alternatives. The proceeds of this offering strengthen Dyadic's balance sheet and improves our working capital which puts Dyadic in a better position to negotiate additional licensing arrangements and strategic collaborations on the best possible terms for the benefit of Dyadic and its stockholders."
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 products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties 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. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Dyadic International, Inc.
