Dyadic shares soar after license announcement with Sorrento

Dyadic International

11/08/2021 15:02

** Shares in Dyadic International  DYAI.O , which is in the
early stages of developing a COVID-19 vaccine candidate, up
15.9% at $4.16 after announcement of agreement with Sorrento
Therapeutics  SRNE.O   urn:newsml:reuters.com:*:nGNX1p1r99
    ** Trading volume already 17.8 times 10-day moving average
for the stock which closed at $3.95 on Tuesday
    ** Under their agreement, Sorrento will have exclusive
rights around the world to Dyadic’s C1 technology for
development, commercialization of vaccines, therapeutic
antibodies, protein therapeutics, and diagnostics for
coronaviruses, including DYAI-100, Dyadic’s lead COVID-19
vaccine candidate 
    ** License agreement contemplates up-front $10 mln cash and
stock payment, up to $4 mln reimbursements for preclinical and
clinical development costs incurred by Dyadic, up to $33 mln in
milestone payments, ongoing royalties after commercialization
with future development costs incurred by Sorrento
    ** But even with Wednesday's gains DYAI still down ~23% YTD
    ** Sorrento shares down 0.8% at $8.78 with volume at 0.1x
10-DMA





 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))