Dyadic International, Inc. (OTCMKTS:DYAI), a leading biotechnology company has reported financial results for the three-month period ended March 2015. Its gross profit inclined 70% in the previous quarter due to improved market conditions.
Dyadic’s cash position improved significantly from 4Q2014 to 1Q2015. As per the reports, total cash and cash equivalents at the end of the previous quarter were close $3.7 million compared to $2.5 million at the end of December quarter.
Milestones That It Touched in Previous Quarter:
Dyadic got as much as $800,000 for achieving two key milestones in research and development activities under the funded research program from BASF, a Dyadic C1 Technology licensee. Apart from this achievement, it also recognized $200,000 of the revenue for achieving the second milestone in March 2015 and $600,000 in April 2015 for finishing third milestone on time.
The previous quarter brought a lot of fruitful results for the company. It received a payment of $492,000 as part of R&D grant for 2G BIOPIC from European Commission Horizon 2020. As per the reports, this funding is supposed to be used to develop advanced biofuels. The project has good potential to succeed; therefore, companies from all around the globe are showing interest in this.
As of now, Compagnie Industrielle de la Matière Végétale is coordinating this project. The primary objective of the 2G BIOPIC project is to demonstrate successfully the reliability, performance and sustainability of different processes for the bioethanol that is extracted from wood and agricultural residues.
Dyadic International, Inc. (OTCMKTS:DYAI) ended the previous quarter with a loss of $0.1 per share or $0.4 million compared to a net loss of $0.05 or $1.6 million during the same period in the previous year. Revenue and gross profit increased 35% and 70% respectively. As a result of good performance, Dyadic could easily raise $2 million in private placements.
The management of the company hopes to report better financial results in the second quarter.