Dyadic International Reports Third Quarter 2016 Financial Results

JUPITER, Fla., Nov. 10, 2016 (GLOBE NEWSWIRE) -- Dyadic International, Inc. ("Dyadic") (OTCQX:DYAI), a global biotechnology company focused on further improving and leveraging the patented and proprietary C1 expression system to help speed up the development and production of biologic vaccines and drugs at flexible commercial scales, today announced its financial results for the quarter ended September 30, 2016.

BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS
  • Executed a multi-year agreement with a new contract research organization to further advance C1 expression system for biopharmaceutical development and production
  • Special shareholder meeting to be held on Wednesday, December 7, 2016 to seek  shareholders' approval for a reverse stock split 
  • Professional liability litigation trial date remains on track for January 6, 2017 
  • Cash, cash equivalents and investment grade securities at September 30, 2016 was $55.9 million, excluding escrowed funds from the sale of the Company's industrial business to DuPont on December 31, 2015 of approximately $7.4 million which is expected to be received on July 1, 2017
  • Net loss for the third quarter 2016 was approximately $1.2 million with EPS of $(0.03)
  • Repurchased approximately 2.5 million shares of common stock at an average  $1.50 per share during the third quarter

FINANCIAL RESULTS QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2016

At September 30, 2016, cash and cash equivalents were approximately $5.8 million compared to $68.6 million at December 31, 2015. The carrying value of investment grade securities, including accrued interest as of September 30, 2016 was $50.1 million compared to $0 at December 31, 2015.

Cash and cash equivalents do not include the $7.4 million of cash held in escrow in connection with the DuPont Transaction, which we anticipate will be released on July 1, 2017. Although none are anticipated, such amount is subject to reduction should there be any claims from DuPont.