DYAI: Don't Put All Your Eggs in One Basket

By John Vandermosten, CFA



Since Our Last Update

Since our last update, Dyadic International Inc. DYAI announced receipt of the NIIMBL coronavirus grant, early proof-of-concept of C1 producing cannabinoids and an exclusive license agreement with Phibro.

Recent highlights:

➢ NIIMBL coronavirus grant - December 2021

➢ C1 engineered to demonstrate the potential to produce cannabinoids - January 2022

➢ Phibro exclusive license agreement for animal health vaccine - February 2022

NIIMBL Coronavirus Grant

On December 22nd, 2021, Dyadic announced receipt of a National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL) coronavirus grant under the White House's American Rescue Plan (ARP). Dyadic's grant was one of 32 project grants awarded by NIIMBL and through the grant, Dyadic will receive up to $690,000 in funding to support its development of C1 production of two different antibodies. The grant is intended to benchmark the rate of the C1 manufacturing platform against current state of the art methods, within the context of producing medical countermeasures and vaccines in response to future pandemics.

C1 Successfully Engineered to Produce Cannabinoids

On January 20, 2022, Dyadic revealed that it has engineered C1 to produce cannabis compounds including cannabidiol (CBD). C1 has the potential to synthesize pure cannabinoids for commercial use at less cost and more efficiently compared to sourcing directly from the Cannabis sativa plant. C1 cell factories should require less energy and be more environmentally friendly than commercial agriculture operations, especially in terms of harvesting and isolation of the desired cannabinoids from plant matter. Chemical synthesis of these compounds can utilize costly, environmentally concerning reactants. C1 could represent a high-quality and low-cost option to produce consumer product with applications in pain, multiple sclerosis, cancer-associated nausea and vomiting, weight loss, appetite loss and spasticity among others. The press release continued on to summarize a recent peer-reviewed publication which found that two cannabinoid acids CBGA and CBDA had micromolar binding affinity for the coronavirus spike protein, which could have prophylactic properties preventing infection. The compounds were also reported to be equally effective against two SARS-CoV-2 variants, and could be effective against future mutant strains.

Phibro Exclusive License Agreement

On February 10, 2022, Dyadic announced an exclusive license agreement with Phibro Animal Health PAHC to develop and commercialize an animal health vaccine for a Phibro targeted disease. Phibro is a leading global animal health and mineral nutrition company. The agreement was realized after previous proof of concept development work between the two companies. Under the terms of the agreement, Dyadic granted Phibro exclusive license to C1 to produce specific targeted antigens for a poultry vaccine in a disease of Phibro's choice. Development work to find and develop additional vaccine candidates using C1 will continue. Phibro offers more than 25 poultry vaccines including Infectious Bursal Disease, Infectious Bronchitis and Newcastle Disease. Poultry vaccines are estimated to be a ~$2 billion market.1


Since our last update, Dyadic has made several announcements regarding the NIIMBL coronavirus grant, early proof-of-concept of C1 producing cannabinoids, and an exclusive license agreement with Phibro. Dyadic will receive up to $690,000 to support the development of two different C1-expressed antibodies, and C1 will be benchmarked for its manufacturing rate. Dyadic also successfully engineered C1 to produce cannabinoids. Finally, Dyadic entered into an exclusive license agreement with Phibro for the development and commercialization of a poultry vaccine. There is substantial value in Dyadic's broad portfolio of options and in its exciting technology that can revolutionize the protein expression industry. Future favorable catalysts include the addition of more collaborators, achieving output milestones and launching the planned clinical trial.

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1. Poultry Vaccine Market Size, Share | Global Industry Report, 2019-2026 (grandviewresearch.com)

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