Dyadic Announces $13 Million Private Placement
20 Noviembre 2006 - 7:00AM
Business Wire
Dyadic International, Inc. (AMEX: DIL), a 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 share 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 day 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 Exchange and other customary
closing conditions. �The net proceeds of approximately $12.3
million will greatly assist us in expanding our C1 Host Technology
development program that is fundamental to all of our businesses
and, 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 for 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.� The securities offered in the
private placement have not been registered under the 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 a resale registration
statement on Form S-3 with the SEC covering the resale of the
shares of common stock issued at the closing and the shares of
common stock underlying the warrants. About Dyadic Dyadic
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 lucknowense fungus, known as C1. Dyadic is applying
its technologies to produce enzymes for use in 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 and large-scale production of
human antibodies and other high-value therapeutic proteins. Dyadic
currently sells more than 45 liquid and dry enzyme products to more
than 200 industrial customers in approximately 50 countries for the
textile, pulp & paper and animal feed industries. 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 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 and
Exchange Commission, which are available free of charge on the
SEC's web site at 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. Dyadic International, Inc. (AMEX: DIL),
a 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 share 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 day 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
Exchange and other customary closing conditions. "The net proceeds
of approximately $12.3 million will greatly assist us in expanding
our C1 Host Technology development program that is fundamental to
all of our businesses and, 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 for 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."
The securities offered in the private placement have not been
registered under the 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 a
resale registration statement on Form S-3 with the SEC covering the
resale of the shares of common stock issued at the closing and the
shares of common stock underlying the warrants. About Dyadic Dyadic
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 lucknowense fungus, known as C1. Dyadic is applying
its technologies to produce enzymes for use in 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 and large-scale production of
human antibodies and other high-value therapeutic proteins. Dyadic
currently sells more than 45 liquid and dry enzyme products to more
than 200 industrial customers in approximately 50 countries for the
textile, pulp & paper and animal feed industries. 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 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 and
Exchange Commission, which are available free of charge on the
SEC's web site at 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.
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