Dyadic International, Inc. (NASDAQ: DYAI) announced today it had entered into a development and commercialization partnership with Proliant Health and Biologicals (PHB), a leading supplier of purified proteins for the diagnostic, nutrition and cell culture markets.
According to the terms of the agreement, Dyadic will receive an upfront milestone payment of $1.5 million and have agreed to a share of profits received by PHB from the sale of animal-free recombinant albumin products produced using Dyadic’s filamentous fungal microbial platforms. A portion of the upfront milestone payment will be allocated to the technology transfer and commercialization effort. The initial focus of the partnership will be the commercialization of recombinant human serum albumin products, with the anticipated launch of the first product in the first half of 2025.
“We are excited to partner with Proliant Health and Biologicals, a global leader in the production of bovine serum albumin and other cell culture products for the life sciences industry. This partnership combines our collective experience and expertise to develop animal-free recombinant products for the approximately $6 billion serum albumin market,” said Dyadic CEO Joe Hazelton.
“This agreement is a prime illustration of delivering on our strategy to commercialize products and generate near term revenue in the Alternative Proteins segment enabled by Dyadic’s microbial platforms.“
DYAI shares lost two cents, or 1.3%, to $1.56.