JUPITER, Fla., May 11, 2017 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”) (OTCQX:DYAI), a global biotechnology company focused on further improving and applying the 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 March 31, 2017.
BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS
- Cash, cash equivalents and investment grade securities, including interest receivable at March 31, 2017 was approximately $43.6 million
- Escrowed funds from the sale of the Company’s industrial business to DuPont of approximately $7.4 million are expected to be received in July 2017
- In April 2017, received approximately $4.4 million litigation settlement payment, net of legal fees and other expenses, from the last remaining defendant law firm, Greenberg Traurig, LLP and Greenberg Traurig, P.A., ending our long-standing professional liability litigation
- Net income for the first quarter of 2017, including litigation settlement gain of approximately $4.4 million, was approximately $2.1 million or $0.07 per basic and diluted share
- The Company repurchased approximately 3.7 million shares, in both open market and private transactions, at an average price of $1.55 per share, through February 15, 2017, the expiration date of the 2016 Stock Repurchase Program
- As of March 31, 2017, there were approximately 28.7 million shares outstanding and approximately 10.2 million shares held in treasury
- On May 4, 2017, the Company entered into a small research program with another of the world’s largest pharmaceutical companies to demonstrate the potential of the C1 technology to produce therapeutic proteins
FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2017
At March 31, 2017, cash and cash equivalents were approximately $8.0 million compared to $6.9 million at December 31, 2016. The carrying value of investment grade securities, including accrued interest as of March 31, 2017 was $35.6 million compared to $43.6 million at December 31, 2016.
Cash and cash equivalents do not include the approximately $7.4 million of cash held in escrow in connection with the DuPont Transaction, which we anticipate to be released in July 2017, if no claims are made prior to such release.
Net increase in cash and cash equivalents for the three months ended March 31, 2017 of approximately $1.1 million principally reflects approximately $7.5 million of cash proceeds from maturities of investment grade securities, net of purchases and premium paid, and cash received from interest earned of approximately $0.6 million, partially offset by cash used for the repurchase of common stock of approximately $5.7 million, litigation costs of approximately $0.6 million, and all other cash used in operations of approximately $0.7 million.
On February 15, 2017, the Company has successfully completed its one year 2016 Stock Repurchase Program. From January 1, 2017 through February 15, 2017, the expiration date of the 2016 Stock Repurchase Program, the Company purchased approximately 3.7 million shares in both open market and private transactions at an average price of $1.55 per share.
On April 14, 2017, the Company received the litigation settlement payment from the last remaining defendant law firm Greenberg Traurig, LLP, and Greenberg Traurig, P.A. (collectively, “Greenberg Traurig”), in its ongoing professional liability litigation, in the amount of approximately $4.4 million, net of legal fees and other expenses. The settlement amount was reported in other income, for the quarter ended March 31, 2017.
