NEW YORK (GenomeWeb News) — Enzyme developer Dyadic International today said it has generated around $12.6 million in a private stock placement.
Dyadic said it will use roughly $12.3 million of the placement to expand its C1 Host Technology, which is used in the production of biomass production, and potentially in human antibody and therapeutic protein production.
The company also plans to use some funds to speed up the launch of new enzyme products, R&D and marketing.
The company said it has placed 2.7 million shares of common stock at $4.68 per share, and has granted warrants to buy up to 557,000 more shares.
The warrants may be exercised 181 days after the issue date and will expire three years after that at an exercise price at $6.33.