By South Florida Business Journal

Jupiter-based Dyadic International said in a news release Wednesday it raised $3 million from investors. The company also said it may collect royalties if its partner completes plans to build a biomass ethanol plant.

Dyadic (Pink Sheets: DYAI) said it got $3 million from a private placement of convertible subordinated secured promissory notes to five investors, who were not identified. The notes will pay an 8 percent interest rate and are set to mature on Jan. 1, 2013.

The money will help Dyadic fund its operations. In the first six months of 2011, the company lost $2.2 million on revenue of $5.3 million.

Dyadic Chairman and CEO Mark Emalfarb said the company hopes to see a revenue boost through royalties from its partner Abengoa Bioenergy, which recently received a $132.4 million federal loan guarantee to build a biomass ethanol plant in Hugoton, Kansas. One of the technologies that could be used in that proposed plant was licensed from Dyadic.

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