BASF And Dyadic International Enter Into A Research And License Agreement
Dyadic's C1 Technology Platform Enables BASF to Develop Enzymes for Multiple
LUDWIGSHAFEN, Germany and JUPITER, Fla., May 15, 2013
LUDWIGSHAFEN, Germany and JUPITER, Fla., May 15, 2013 /PRNewswire/ --BASF
(BAS.DE) and Dyadic International, Inc. ("Dyadic") (OTC Pink: DYAI) announced
today that the two Companies have entered into a non-exclusive worldwide
research and license agreement.
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Under the terms of the agreement, BASF will be able to use Dyadic's patented
and proprietary C1 platform technology to develop, produce, distribute and
sell industrial enzymes in certain fields for a variety of applications. BASF
will fund research and development at Dyadic's research lab in The
Netherlands. In addition to this funding, BASF has agreed to pay Dyadic a $6
million upfront license fee, and certain research and commercial milestone
fees, as well as royalties upon commercialization.
"Dyadic's C1 technology will strengthen BASF's position in the industrial
enzyme industry," said Dr. Carsten Sieden, Senior Vice President Fine
Chemicals and Biocatalysis Research, BASF. "We expect this license agreement
with Dyadic to result in promising long-term opportunities."
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated,
"Empowering BASF, the world's leading chemical company, with our C1 technology
provides them with access to a commercially-proven industrial enzyme
production platform. In using its vast resources to develop, manufacture and
sell new products from the C1 platform, BASF will have business opportunities
for a variety of markets, including animal and human nutrition. This
transaction will have long-lasting effects on the industrial enzyme businesses
of both Dyadic and BASF."
Emalfarb concluded, "Dyadic looks forward to working with BASF and utilizing
our C1 technology for the expression of next-generation enzyme products for a
range of applications. This collaboration is yet another example of Dyadic's
ability to leverage our technologies in a variety of industries."
BASF is the world's leading chemical company: The Chemical Company. Its
portfolio ranges from chemicals, plastics, performance products and crop
protection products to oil and gas. We combine economic success with
environmental protection and social responsibility. Through science and
innovation, we enable our customers in nearly every industry to meet the
current and future needs of society. Our products and solutions contribute to
conserving resources, ensuring nutrition and improving quality of life. We
have summed up this contribution in our corporate purpose: We create chemistry
for a sustainable future. BASF had sales of €72.1 billion in 2012 and more
than 110,000 employees as of the end of the year. BASF shares are traded on
the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).
Further information on BASF is available on the Internet at www.basf.com.
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
enzyme and protein products for the bioenergy, industrial enzyme and
biopharmaceutical industries. Dyadic utilizes an integrated technology
platform based on its patented and proprietary C1 fungus which enables the
development and large scale manufacture of low cost proteins and enzymes for
diverse market opportunities. The C1 platform technology can also be used to
screen for the discovery of novel genes and proteins. Dyadic actively pursues
licensing arrangements and other commercial opportunities to leverage the
value of these technologies by providing its partners and collaborators with
the benefits of manufacturing and/or utilizing the enzymes which these
technologies help produce. 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
SOURCE Dyadic International, Inc.
Contact: For BASF, Media relations: Jasmin Haile, Phone: +49 621 60 48122,
Email: Jasmin.Haile@basf.com; or For Dyadic: Investor Relations: Gary T.
Dvorchak, CFA, Senior Vice President, ICR, Inc., Phone: 310-954-1123, Email:
Gary.Dvorchak@icrinc.com; or Media Relations: Cory Ziskind, Vice President,
ICR, Inc., Phone: 646-277-1232, Email: Cory.Ziskind@icrinc.com
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