Dyadic International, Inc., an early-stage biotechnology company, increased revenue from $13.1 million in 2008 to $21.4 million for the twelve months ended December 31, 2009.
License revenue increased to approximately $10.3 million for the year ended December 31, 2009 as compared to no license revenue for the prior year.
This was due largely to the recognition of a $10 million upfront license fee paid by Codexis following the satisfaction of certain performance criteria by Dyadic.
Product revenue down
Net product related revenue for the year ended December 31, 2009 decreased to approximately $6.8 million as compared to approximately $9.2 million for the previous year.
This was due primarily to the restructuring of Dyadic's industrial enzyme business which began in the second half of 2008 in order to better focus on higher margin products for growing segments of the industry such as animal feed, while streamlining product lines and discontinuing some lower margin products in declining segments, such as textiles, as well as global economic conditions.
Research and development revenue increased to approximately $4.3 million in 2009 as compared to approximately $4.0 million for 2008.
Net income for 2009 was approximately $5.2 million, as compared to a net loss of approximately $12.4 million for fiscal 2008.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "2009 was a pivotal year of resurgence and revalidation for Dyadic and its technologies.
“Despite a very difficult economic environment, Dyadic was able to achieve the best financial results in its history due largely to the licensing of its patented and proprietary C1 Platform Technology.
“We are aggressively pursuing additional strategic collaborations in the primary areas of biofuels and biopharmaceuticals. Dyadic has also re-focused its efforts on growing a sustainable industrial enzyme business by leveraging the recent GRAS acknowledgement from the FDA.”
, Inc. uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, industrial enzyme and biopharmaceutical industries.