Dyadic Withdraws Notice Of Breach Letter Relating To Its C1 License Agreement
JUPITER, Fla., March 10, 2014
JUPITER, Fla., March 10, 2014 /PRNewswire/ --Dyadic International, Inc.
("Dyadic")(OTC Pink: DYAI), a global biotechnology company, announced today
that it received notice from Codexis, Inc. that it will no longer be pursuing
its advanced biofuels program. This notice is consistent with Codexis'
previous public announcement on November 12, 2013 that it was immediately
winding down its advanced biofuels program.
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In reliance on Codexis' representations in the notice, including the
representations that Codexis is no longer pursuing a cellulosic enzyme program
outside of any collaboration it may have with Shell Oil Products US, Dyadic
has withdrawn its notice of breach letter to Codexis dated July 30, 2013
relating to its C1 license agreement with Codexis. Furthermore, Dyadic and
Codexis are continuing to discuss Codexis' use of Dyadic's technology and
potential collaboration opportunities in the space.
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
enzymes and other proteins for the bioenergy, bio-based chemical,
biopharmaceutical and industrial enzyme industries. Dyadic utilizes an
integrated technology platform based on its patented and proprietary C1
microorganism, which enables the development and large scale manufacture of
low cost enzymes and other proteins for diverse market opportunities. The C1
platform technology can also be used to screen for the discovery of novel
genes. In addition to the sale of proprietary enzyme products, 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 and other
proteins which these technologies help produce. Please visit Dyadic's website
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release are "forward-looking
statements" within the meaning of the federal securities laws. Statements
about our beliefs and expectations regarding our technology platform, our
licensing strategy and potential collaboration opportunities may constitute
forward-looking statements. 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 in this press release. 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.
If Dyadic does update one or more forward-looking statements, no inference
should be drawn that it will make additional updates with respect to those or
other forward-looking statements. 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; and (4) other factors discussed in Dyadic's
publicly available filings, including the risk factors included in Dyadic's
Initial Information and Disclosure Statement to be filed with the OTC Markets
SOURCE Dyadic International, Inc.
Contact: Investor Relations, Dyadic International, Inc., Attention: Michael J.
Faby, Vice President and Chief Financial Officer, Phone: 561-743-8333, Email:
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