Dyadic Announces First Quarter 2024 Financial Results News Link: https://www.globenewswire.com/news-release/2024/05/14/2881828/0/en/Dyadic-Announces-First-Quarter-2024-Financial-Results-and-Highlights-Recent-Company-Progress.html
Human Health Sector
- Final Clinical Study Report has been issued for the First-In-Human Phase 1 clinical trial demonstrating safety and antibody response for DYAI-100, a recombinant protein receptor binding domain booster vaccine candidate for protection against COVID-19 infection
- Entered into several fully funded vaccine and antibody projects covering more than twelve targets, five of which are funded by two of the top ten pharmaceutical companies
- Successfully expressed a H1N1 influenza antigen in our collaboration with the Vaccine and Immunotherapy Center (“VIC”) at Massachusetts General Hospital
- Announced strategic partnership to develop affordable rabies prophylactics and vaccines using C1-cell protein production platform
- Published a manuscript of preclinical studies on C1 produced monoclonal antibody in non-human primates and hamsters in prestigious peer-reviewed journal Nature Communications
- Advanced collaboration with Israel Institute for Biological Research (IIBR) targeting bio-threats and emerging disease solutions
- C1 produced adjuvanted recombinant ferritin nanoparticle H5N1 “Bird Flu” human vaccine candidate demonstrated a strong immune response in animal studies
Animal Health Sector
- C1 produced adjuvanted recombinant ferritin nanoparticle H5N1 “Bird Flu” human vaccine candidate demonstrated a strong immune response in animal studies for potential use in poultry, cattle and other animals
- Expanded collaboration with Phibro/Abic to develop vaccines and treatments for companion and livestock animal diseases
Alternative Proteins Sector
- Executed a term sheet to utilize our microbial protein production platforms to develop production strains for the production of recombinant serum albumin
- Advanced development of 6 product candidates for non-pharmaceutical applications utilizing the Dapibus™ platform technology
Corporate
- Closed a $6.0 million convertible note in a private placement, with a conversion price of $1.79 and no warrants
- Appointed Mr. Patrick Lucy as Board Chairman and Mr. Joe Hazelton as Chief Operating Officer
- Cash and investment grade securities of $12.1 million as of March 31, 2024
- Financial results and business update conference call scheduled for 5:00 p.m. ET today
JUPITER, Fla., May 14, 2024 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a biotechnology company focused on the efficient large-scale manufacture of proteins for use in human and animal vaccines and therapeutics, as well as non-pharmaceutical applications including food, nutrition, and wellness, today announced its financial results for the first quarter of 2024 and highlighted recent Company progress.
“We continue to execute our business strategy to focus on near-term pharmaceutical and non-pharmaceutical applications for our proprietary and patented C1 and Dapibus™ protein production platforms and pipeline products,” said Mr. Mark Emalfarb, President and CEO of Dyadic. “One of our key highlights was the successful completion of a Phase 1 clinical trial that met its primary endpoint of safety and reactogenicity affirming the safety of proteins produced by Dyadic's C1 platform in humans. We believe this milestone not only establishes the safety of our platform but also provides a solid foundation for C1 technology’s future applications in human and animal vaccines and therapeutics. With the H5N1 ('Bird Flu') virus outbreaks in poultry and U.S. dairy cows, along with one recent human case, we are seeing an increasing interest in our H5N1 'Bird Flu' ferritin nanoparticle human vaccine candidate, developed with ViroVax. Additional animal studies indicate that the vaccine candidate has the potential to generate high neutralizing antibodies for use in cattle. Our Q1 2024 achievements demonstrate our ongoing commitment to enhancing our microbial platforms for diverse applications, and our dedication to improving health for humans and animals, while tackling the challenges of sustainable food production.”
Mr. Emalfarb continued, “As we progress into the second quarter, our Company continues to focus on enhancing the Dapibus™ platform, designed specifically for non- pharmaceutical uses in industries such as food, nutrition, health, and other bioproducts. To accomplish this goal, we have honed our business development strategy, focusing on key areas where our technologies can deliver the greatest impact with shorter commercialization timelines. Our strategy includes simultaneously targeting multiple offtakes for a single product in several corresponding business segments and seeking out new opportunities that are in line with our strategy.”
Joe Hazelton, Dyadic’s Chief Operating Officer, elaborated, “In addition to operational advancements, we also strengthened our financial position with the issuance of $6.0 million in convertible notes, which will be used to accelerate and exploit our strategic objective of near-term revenue generating products and commercialization opportunities for pharmaceutical and non-pharmaceutical applications. We believe that product opportunities such as recombinant human albumin and alpha-lactalbumin provide Dyadic with multiple monetization opportunities as a licensed product or cell line in pharmaceutical, diagnostic, and food applications. We are confident that our strong position, both financially and scientifically, will enable us to implement our business plans with improved capabilities and resources. We are enthusiastic about our future prospects and remain committed to providing value to our customers and stakeholders.”