JUPITER, FL – Dyadic International Inc. (Pink Sheets: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of specialty enzyme products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries, has received an additional $1 million to complete its previously announced private placement of convertible subordinated secured promissory notes. That brings its gross proceeds to $4 million.

Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.

Dyadic’s President and CEO, Mark Emalfarb, said,  “The $4 million raised through the offering of these convertible notes, in combination with our current cash position, we believe provides Dyadic with sufficient capital to operate its business through the end of next year based on our current level of sales and without any additional licensing or other incremental revenue-generating events.”

It will continue to seek additional license sales and collaborations, he added.

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Tags: Dyadic, enzyme products, financing, FL, Jupiter, Pharma, private placement