JUPITER, Fla., Aug. 11, 2016 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (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 the approval by its Board of Directors of a reverse stock split, which is subject to shareholder approval.
On August 8, 2016, Dyadic’s Board of Directors approved a reverse stock split which will be subject to shareholders’ approval. The Board of Directors authorized management to engage with the Company’s advisors to determine the appropriate metrics, timing and process required to implement this action (including the effect that it will have on all issued and outstanding shares, stock options or other equity awards, as applicable). Management currently anticipates that the reverse stock split proposal will be submitted to shareholders at a special meeting of Dyadic’s shareholders in the fourth quarter of this year. An affirmative vote by the majority of Dyadic’s shareholders will permit the Board of Directors to implement the reverse stock split.
The primary purpose of the reverse stock split is to enable the Company to satisfy certain listing requirements to the extent the Board of Directors authorizes an application for listing on NASDAQ or other national exchange in the future. However, there can be no assurances given that the Board of Directors will authorize such action or that the Company will be able to satisfy all listing requirements.
Additional information regarding the reverse stock split will be set out in the Company’s proxy statement distributed in advance of the special meeting of shareholders.
About Dyadic International, Inc.
Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant protein production system based on the fungus Myceliopthora thermophila, nicknamed C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, production and performance of biologic drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines, monoclonal antibodies, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in developing and manufacturing biopharmaceuticals which these technologies help produce. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic drugs to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly saving lives. Please visit Dyadic’s website at www.dyadic.com for additional information, including details regarding Dyadic’s plans for its biopharmaceutical business.
