Enzyme Maker Dyadic Doubles 2012 Q2 Revenues
August 13, 2012
yadic International, Inc., a Jupiter, Florida-based global biotechnology company focused on the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemicals, biopharmaceutical and industrial enzyme industries, announced financial results for the second quarter and six months ended June 30, 2012.
“I am very pleased with the progress we have made in reporting a profit for the second quarter and first half of 2012 which ranks among the best results in the company’s history,” said Dyadic’s President and Chief Executive Officer, Mark Emalfarb. “Equally gratifying is that these results were driven by significant revenue increases in all of Dyadic’s business segments, highlighted by the expansion of our license agreement with Abengoa Bioenergy as well as double-digit increases in our industrial enzyme and research and development businesses.
“Our research and development team in The Netherlands continues to enhance Dyadic’s technologies and products as recently demonstrated by comparative tests of our AlternaFuel® CMAX3™ which equaled or exceeded the performance of other leading enzymes on the market in converting biomass into fermentable sugars,” Emalfarb added. “We are working diligently to build on these results by continuing to demonstrate Dyadic’s capabilities to engineer robust fungal strains that produce high quality, cost-efficient enzymes and other proteins at commercial scale for multiple industry applications.”
Total revenue for the second quarter ended June 30, 2012 increased to $7.8 million compared to $3.0 million for the second quarter ended June 30, 2011. Total revenue for the six months ended June 30, 2012 increased to $10.4 million compared to $5.3 million for the six months ended June 30, 2011. The increases in total revenue for the three and six month periods ended June 30, 2012 as compared to the same periods ended June 30, 2011 were due to increases in license fee revenue, product related revenue and research and development revenue.
Dyadic unveiled its latest biofuels enzyme advancement, AlternaFuel® CMAX3™ July 16, 2012. This product enables the production of cellulosic biofuels and bio-based chemicals from a wide range of renewable non-food feedstocks under broad operating conditions.
Diadic’s research and development center in the Netherlands is a member of the Bio-Mimetic Project, a new multidisciplinary research consortium that has been awarded a EUR 3.5 million grant from the European Community’s Seventh Framework Programme (FP7) of the European Community for Research, Technological Development and Demonstration Activities. The European consortium is commencing a three year research project entitled, “New Bio-Inspired Processes and Products from Renewable Feedstock” which will employ environmentally-friendly technologies to convert the renewable agricultural waste stream, lignin, into high value sustainable commercial products such as adhesives, detergents and cosmetics.
As part of the Bio-Mimetic Project, Dyadic Netherlands will receive approximately EUR 400,000 to develop enzymes using Dyadic’s patented and proprietary C1 platform technology to degrade and modify lignin so that it can be used to create these high value commercial products.