Dyadic International Inc. (DYAI) has gained 26.71% in early trades today, trading at $4.55 at the last check. Last trading session, DYAI stock lost -2.18% to close at $3.59. In the past few days, DYAI stock has ranged between $3.55 and $3.70. DYAI stock traded 0.13 million shares, below its daily average of 1.51 million over the past 100 days. The DYAI stock has gained 7.49% in the last five days while losing -0.55% in the last month. Following the signing of a vaccine development agreement, DYAI stock is rising.
DYAI Stock signed a contract with whom?
In Dyadic, a global biotechnology company, the development team has identified C1, which may be significant in terms of biopharmaceutical gene expression as it draws its inspiration from the fungus Thermothelomyces heterothallica. DYAI is developing and manufacturing vaccines and drugs for use in humans and animals using the C1 technology and other technologies. Among them are virus-like particles (VLPs) and antigens, monoclonal antibodies, Fab fragments, Fc-Fusion proteins, as well as biosimilars and biobetters.
In today’s announcement, Dyadic and Sorrento Therapeutics announced that they had signed a binding agreement for a license.
- Both companies agreed to work on vaccines and therapeutics aimed at preventing or detecting Coronaviruses, as well as diagnostics.
- The agreement included DYAI’s lead vaccine candidate for COVID-19 is called DYAI-100.
- A DYAI C1-cell platform was used to manufacture the lead candidate.
- Final licensing terms will be included in the definitive agreement between the parties.
- Collaboration between Sorento and DYAI, begun last year, will allow the company to manufacture large quantities of COVID-19 vaccine in its existing cGMP facilities and store and transport it at room temperature, thus increasing access and affordability to underserved populations.
- DYAI is pleased to announce it has executed a binding term sheet with Sorrento Therapeutics to license its C1 technology to develop and commercialize latent and vaccine coronaviruses as well as therapeutics and diagnostics.
- With this agreement in place, DYAI anticipates monetizing its internal COVID-19 development efforts with a partner with the resources and expertise to advance vaccinations, therapeutics, and diagnostics on a clinical level as well as commercially.
Term of the licensing agreement:
In implementing the agreement, Dyadic (DYAI) will pay an up-front fee of $10 million in cash and stock. Up to $4 million in reimbursements will also be made for preclinical and clinical development costs associated with our proprietary DYAI-100 vaccine. Sorrento will bear all costs related to the development of this license in the future. DYAI’s existing agreements with Medytox, Syngene, the Rubic Consortium, and the COVID-19 consortium do not cover all other territories covered by the Sorrento license.
