Dyadic stock jumps 22% on licensing deal for DYAI-100 and C1 technology with Sorrento
Aug. 11, 2021 9:05 AM ETDyadic International, Inc. (DYAI), SRNEBy: Mamta Mayani, SA News Editor3 Comments
Close-up of bottles of COVID-19 vaccine
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Dyadic International (NASDAQ:DYAI) soars 22% premarket after signing a binding term sheet to enter into a License Agreement with Sorrento Therapeutics (NASDAQ:SRNE) to develop and commercialize vaccines, therapeutics, and diagnostics for coronaviruses, including Dyadic’s lead COVID-19 vaccine candidate, DYAI-100, produced using DYAI's proprietary and patented C1-cell protein production platform.
“The license agreement, when executed, contemplates an up-front payment of $10 million in cash and stock, up to $4 million in reimbursements for preclinical and clinical development costs incurred by Dyadic for the development and advancement of our proprietary DYAI-100 vaccine, up to $33 million in milestone payments and ongoing royalties following commercialization. All future development costs related to this license will be incurred by Sorrento,” said Mark Emalfarb, Dyadic’s President and CEO.
Upon execution, Sorrento will obtain exclusive rights in North and South America, Europe, major Asian countries (including Greater China and Japan) and certain other countries.
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