Dyadic has developed C1, its proprietary fungal expression system that can produce a variety of recombinant proteins. C1 has been commercialized in industrial applications and is in development for production of pharmaceutical grade proteins. C1 exhibits potential to economically produce recombinant proteins, biologic vaccines, virus like particles, antibodies, Fc-fusion, enzymes, AAVs and other biopharmaceuticals. In 2015, the company sold its industrial business to DuPont for $75 million and retained the exclusive right to sublicense C1 for use in animal and human pharmaceutical applications. Proceeds from the DuPont sale provided cash for further development of the C1 platform for production of biologics. Additional R&D funding is provided by partners. Dyadic is working with several biopharmaceutical companies and government organizations to validate the technology and completed a Phase I trial evaluating the effectiveness of its COVID vaccine in 2023. In the near term, we expect growing R&D revenue as additional partners are added with C1 and Dapibus and revenues related to albumin and DNAse-1 in 2025.
