Dyadic announces increased biofuel R&D efforts in Q2 release
Dyadic International Inc. has announced financial results for the second quarter of 2013, noting that total revenue for the three-month period decreased to $7.1 million compared to $7.8 million for the same period of last year. The reduction is attributed to decreases in all three revenue streams, product related revenue, license fee revenue and research and research and development revenue.
"The second quarter represented yet another milestone in the emergence of Dyadic as a world leader in the economically and scientifically important business of industrial biotechnology,” said Mark Emalfarb, president and CEO of Dyadic. “Adding to our already world-class stable of partners such as Sanofi and Abengoa, we signed a major license with German chemical giant BASF. The BASF deal further validates the effectiveness and value of our C1 production technology for commercializing enzymes and other proteins."
During a call to discuss the company’s financial results, Emalfarb said that Dyadic has made a strategic shift to expand and accelerate new product development capabilities. This includes an expansion of its research and development facility, hired additional scientists, purchased new equipment, and retooled its new product development process. “These efforts should, over the course of the coming years, accelerate the growth of our industrial enzyme business and keep us at the forefront of the biofuel industry,” he said. “We’ve already identified several promising new products that should address niches in several key markets.”
Danai Brooks, executive vice president and chief operating officer of Dyadic, added that the company is increasing its biofuel research and development efforts, with a focus on both strain development and fermentation optimization. “We have a detailed business strategy for biofuels that you will see unfold in the coming quarters,” he said.