NEW YORK (GenomeWeb News) – Dyadic International today announced it has raised $3 million from a completed private placement with two unnamed investors.
The proceeds will be used for working capital, including for R&D, and general corporate purposes, the Jupiter, Fla., company said in a statement.
The notes, which will pay interest quarterly at a rate of 8 percent annually, are convertible at the holder's option after Jan. 1, 2011 into shares of Dyadic's common stock. The conversion price is $1.82, 120 percent of the company's average share price for the 30 days prior to the closing date. The notes mature on Jan. 1, 2013.