Full Press Release Details
ANNOUNCES $13 MILLION PRIVATE PLACEMENT
Florida, November 20, 2006 - Dyadic International, Inc. (AMEX:
biotechnology company, announced today that on November 17, 2006, it entered
into a definitive agreement with institutional investors to purchase in a
private placement 2,787,000 shares of common stock at a price of $4.68 per
and warrants to purchase up to 557,400 shares of common stock for gross proceeds
of $13,043,160. The warrants will become exercisable on the 181st
after being issued, expire three years thereafter, have an exercise price of
$6.33 per share and will be callable by the Company under certain circumstances.
Cowen and Company, LLC, acted as the exclusive placement agent for the offering.
The closing of the private placement is subject to the approval of the listing
of the shares and the shares underlying the warrants by the American Stock
customary closing conditions.
proceeds of approximately $12.3 million will greatly assist us in expanding
Technology development program that is fundamental to all of our businesses
in particular, is anticipated to aid in the development of large-scale enzyme
production systems and manufacturing processes for use in the production of
abundant low cost fermentable sugars from biomass," commented Mark
Emalfarb, Dyadic's President and CEO."Additionally,
the net proceeds are anticipated to help us strengthen the product pipeline
our Enzyme business, accelerate the commercial launch of new products in pulp
& paper, animal feed and other areas, and expand R&D infrastructure as
well as our sales and marketing efforts."
securities offered in the private placement have not been registered under
Securities Act of 1933, as amended (the "Act") or any state securities laws, and
may not be offered or sold in the United States absent registration, or an
applicable exemption from registration, under the Act and applicable state
securities laws. Under the purchase agreement, the Company has agreed to file
resale registration statement on Form S-3 with the SEC covering the resale
the shares of common stock issued at the closing and the shares of common stock
underlying the warrants.
International, Inc. is engaged in the development, manufacture and sale of
biological products using a number of proprietary fungal strains to produce
enzymes and other biomaterials, principally focused on a system for protein
production based on the patented Chrysosporium
known as C1. Dyadic is applying its technologies to produce enzymes for use
converting various agricultural products (e.g. corn) and waste products (e.g.
switch grass, wheat straw, sugar cane bagasse, etc.) into fermentable sugars,
which can then be used in the production of traditional and cellulosic ethanol
as well as other products currently derived from petroleum. Dyadic's C1
technology also is being developed to facilitate the discovery, development
large-scale production of human antibodies and other high-value therapeutic
proteins. Dyadic currently sells more than 45 liquid and dry enzyme products
more than 200 industrial customers in approximately 50 countries for the
textile, pulp & paper and animal feed industries.
Statement for Forward-Looking Statements
statements contained in this press release are "forward-looking statements."
These forward-looking statements involve risks and uncertainties that could
cause our actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. For a discussion of these risks and
uncertainties, please see our filings from time to time with the Securities
Exchange Commission, which are available free of charge on the SEC's web site
http://www.sec.gov, including our Annual Report on Form 10-KSB for the year
ended December 31, 2005, and our subsequent filings with the SEC. Except as
required by law, we expressly disclaim any intent or obligation to update any
forward-looking statements.
(Sasha) Bondar, 561-743-8333
Berkman, 310-826-5051
Strategic Communications
Finlayson, 201-488-0049