Dyadic (DYAI), Sanofi Pasteur Terminate Agreement
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Dyadic International, Inc. (“Dyadic”) (OTC: DYAI) announced the termination of its Proof of Concept, Exclusive Option & Technology Transfer Agreement, dated, as of March 30, 2011 with Sanofi Pasteur (“Sanofi”).
On August 5, 2016, the Company received a 60-day notice from Sanofi, indicating that they have decided to terminate the Proof of Concept, Exclusive Option & Technology Transfer Agreement entered into among Dyadic Nederland B.V, Engen Bio Inc. and Sanofi Pasteur S.A. on March 30, 2011 (the “Agreement”).
On October 5, 2016, the effective termination date of the Agreement, Sanofi’s prior option rights to the C1 technology previously covered by the Agreement revert back to Dyadic. Upon such reversion, Dyadic expects to leverage the knowledge gained, and the progress made from the meaningful improvements to the C1 expression system across all biologic vaccine and drug indications.
Mark Emalfarb, Dyadic’s CEO stated, “We are appreciative of the opportunity this project afforded us and have enormous respect for the scientists and staff with whom we collaborated. This project enabled us to successfully demonstrate that through the use of our C1 technology we are able to produce vaccines at high levels, with the potential to improve therapeutic vaccine performance. We consider the experience and knowledge obtained from the research invaluable and expect it will generate a greater interest in the C1 technology for developing and manufacturing biologic vaccines.”
Management will be discussing this matter, in more detail at our previously announced second quarter financial results conference call, which is scheduled for Thursday, August 11, 2016 at 5:00 p.m. Eastern Time.
In order to participate in the live session, please use the following dial-in numbers five to ten minutes prior to start time:
Calling from the United States or Canada: 877-795-3648Calling from other countries: +719-325-4857Confirmation Code: 4570690
A replay of the conference call will be available on Dyadic’s website (www.dyadic.com) within 24 hours after the live event.
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