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Dyadic Raises $25.3 Million, Completes Merger to Become Public Company

NEW YORK, Nov. 8 (GenomeWeb News) - Dyadic International said last week that it has completed a series of financing transactions worth a total of $25.3 million.

 

"Coming on the heels of our successful private raise of $6.7 million earlier this year, the combined $32 million in funding further solidifies Dyadic's financial footing," President and CEO Mark Emalfarb said in a statement. "As previously announced, to accommodate the company's rapid growth, we expect to build a new state-of-the-art 40,000 [square foot] facility ... in Jupiter, [Fla.] to house our corporate and R&D staff."

 

A Dyadic spokesman told GenomeWeb News that a portion of the financing would be used to support the company's sequencing of the genome of the fungus Chrysosporium lucknowense, which is used to discover, screen, and overexpress genes and their proteins.

 

He said that the C. lucknowense sequence would likely be made public if the company decides to conduct the sequencing effort in conjunction with an academic institution, but no decision has been made yet.

 

Dyadic also announced that it has completed a stock-for-stock merger with CCP Worldwide, an SEC reporting company. The combined company will retain Dyadic's name, employees including senior management, and business plan. The transaction resulted in Dyadic's becoming a publicly traded company.

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