In Florida, Dyadic reported net Income for Q3 2015 of $1.3 million compared to a net loss of $1.2 million, or ($0.04) per basic and diluted share, for the same period a year ago. At September 30, 2015, cash and cash equivalents were approximately $6.3 million compared to $2.5 million at December 31, 2014.
On July 31, 2015, the Company reached a settlement with another defendant law firm and on August 12, 2015, the Company received full payment of $2,170,000 (net of fees and expenses), which has been reported in the Company’s consolidated statement of operations for the quarter ending September 30, 2015.
As announced on November 10th, 2015, the Company has entered into a definitive agreement to sell substantially all the assets of its Industrial Technology business to DuPont’s Industrial Biosciences business (“DuPont”) for $75 million in cash (the “Transaction”). Following completion of the Transaction, which is expected by the end of 2015, Dyadic intends to focus on its biopharmaceutical business. Completion of the Transaction is subject to approval by a majority of Dyadic’s stockholders and customary closing conditions.
Dyadic intends to continue its existing programs with Sanofi Pasteur and its involvement within the EU-funded ZAPI program. In addition, the Company plans to focus its research programs on the development and manufacturing of new human and animal vaccines, monoclonal antibodies, biosimilars and/or biobetters, and other therapeutic proteins.
Additionally, On July 31, 2015, the Company reached a settlement with another defendant law firm and on August 12, 2015, the Company received $ 2,170,000, net of fees and expenses as reported in today’s financial statement.