JUPITER, Fla., March 27, 2012 /PRNewswire/ -- Dyadic International, Inc. (OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries, today announced financial results for the year ended December 31, 2011. The financial information contained in this press release should be read in conjunction with the audited financial statements, footnotes and independent auditors' report which have been posted on the OTC market website at www.otcmarkets.com/stock/DYAI/financials and on Dyadic's website at www.dyadic.com/wt/dyad/investors.
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Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "In 2011, Dyadic made substantial progress across all areas of its business in continuing to lay a foundation for long-term growth through the consummation of opportunities in a diverse group of markets. Foremost among these were our first major collaborations with leading companies in the biopharmaceutical and animal nutrition industries to use Dyadic's versatile and robust C1 technology to express genes for the production of key enzymes and proteins. These and other transactions contributed to the large increase in research and license revenue which resulted from Dyadic's continuous process of identifying and securing revenue-generating opportunities with major companies in a variety of industries. Our two non-exclusive biofuels licensees also continued to make significant progress in 2011 toward the development and improvement of highly productive cellulase enzymes. These enzymes have been produced by both licensees at commercial scale in preparation for their commercialization of cellulosic ethanol, biochemicals and other products derived from cellulosic sugars which will generate additional payments to Dyadic."
2011 Highlights
- Total revenue increased 21%
- Gross profit increased 86%
- Research and development revenue increased 81%
- Entered into research and licensing agreement with major player in the animal nutrition industry to use Dyadic's C1 platform technology to produce certain animal feed enzymes
- Entered into biopharmaceutical research collaboration with Sanofi Pasteur and EnGen Bio to use Dyadic's C1 platform technology to produce certain vaccines
- Improved product mix and margins in the sale of our industrial enzyme products
- Introduced two new enzyme products, FibreZyme® G200 for pulp & paper applications and AlternaFuel® CMAX for biofuels applications
- Raised $3 million in a private placement of convertible debt
- Received four new U.S. and 14 foreign patents
Financial Results
Total revenue for the year ended December 31, 2011 increased 21% to $10.3 million as compared to $8.4 million for the prior year.
Net product related revenue for the year ended December 31, 2011 remained in line with 2010 at approximately $7.4 million. Gross profit increased 86% for the year ended December 31, 2011 due to increased license fee revenue, increased research and development revenue and improved product margins.
License fee revenue increased to $1.0 million for the year ended December 31, 2011 as compared to $37,000 for the prior year. This increase was due largely to the upfront license payment from a non-exclusive license agreement with a leading global animal nutrition company.
Research and development revenue increased 81% to $1.8 million for the year ended December 31, 2011 as compared to $1.0 million for the year ended December 31, 2010. This increase was largely due to a greater number of research and development projects funded by third parties.
Net loss for the year ended December 31, 2011 was $4.7 million, or $(0.15) per basic and fully diluted share, as compared to a net loss of $5.5 million, or $(0.18) per basic and fully diluted share, for fiscal 2010.
At December 31, 2011, cash and cash equivalents totaled $3.7 million as compared to $4.5 million at December 31, 2010. This decrease was largely due to the net loss for the period and arbitration costs which were partially offset by the private debt placement mentioned below.
At December 31, 2011, total debt was $8.4 million as compared to $5.4 million at December 31, 2010. This increase was due to Dyadic's private placement in 2011 of $3.0 million of convertible subordinated debt.
About Dyadic
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, industrial enzyme and biopharmaceutical industries. Please visit Dyadic's website at www.dyadic.com.
