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Note 7 - Subsequent Events
3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 7:    Subsequent Events

 

For purpose of disclosure in the consolidated financial statements, the Company has evaluated subsequent events through May 10, 2023, the date the consolidated financial statements were available to be issued. Except as discussed below, management is not aware of any material events that have occurred subsequent to the balance sheet date that would require adjustment to, or disclosure in the accompanying financial statements.

 

On April 6, 2023, the Company signed an expanded licensing agreement (“the Expanded Agreement”) for its C1-cell protein expression platform with South Africa’s Rubic One Health (“Rubic”). Pursuant to the Expanded Agreement, Dyadic will grant nonexclusive rights to allow Rubic to use the C1 platform to research, develop, manufacture, commercialize and distribute vaccines and therapeutic proteins directed to certain pathogens in addition to COVID-19.  If Rubic timely achieves certain milestones, the license will convert into an exclusive license to manufacture bulk materials in the Southern African Development Community. Rubic will pay Dyadic a licensing fee for commercial products sold by Rubic in certain countries within the African continent.  In 2028, Dyadic will receive an equity position in Rubic, subject to certain acceleration rights and pre-emptive rights.

 

On May 8, 2023, the Company and Fermbox Bio Inc (“Fermbox”)  entered into a co-development and marketing agreement, under which, Dyadic and Fermbox expect to use Dyadic’s proprietary Dapibus™ filamentous fungal based microbial protein production platform and Fermbox’s extensive product development capabilities, to design, develop and commercialize innovative animal free alternative proteins and biomaterials.