NEW YORK (GenomeWeb News) – Dyadic today announced it has raised $3 million through a private placement of convertible subordinated secured promissory notes to five undisclosed investors.
The Jupiter, Fla.-based firm expects to use proceeds from the funding for working capital, including investments in R&D, new product launches, and general corporate purposes.
The notes will pay interest quarterly at a rate of 8 percent annually. They are convertible into shares of Dyadic common stock at the holder's option, Dyadic added. If unconverted, they will mature on Jan. 1, 2013.
The company had raised $3 million in August 2010.