Dyadic International Raises $3 Million in Private Placement of Convertible Notes
JUPITER, Fla., Oct. 5, 2011 /PRNewswire/ — Dyadic International, Inc. (“Dyadic”) (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 that it has completed a private placement of $3,000,000 in convertible subordinated secured promissory notes (the “Notes”) to five investors.
The Notes will pay interest quarterly at a rate of 8% per annum and are convertible at the holder’s option into shares of Dyadic common stock. Unless converted, the Notes will mature on January 1, 2013.
Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development, new product introductions and general corporate purposes.
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.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Dyadic International, Inc.