{"id":526608,"date":"2021-08-11T08:38:48","date_gmt":"2021-08-11T12:38:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\/"},"modified":"2021-08-11T08:38:48","modified_gmt":"2021-08-11T12:38:48","slug":"dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\/","title":{"rendered":"Dyadic and Sorrento Announce Binding Term Sheet to License Dyadic\u2019s Lead COVID-19 Vaccine Candidate \u201cDYAI-100\u201d and C1 Technology for Protein-Based Coronavirus Vaccines and Therapeutics"},"content":{"rendered":"<div class=\"mw_release\">\n<ul>\n<li style=\"text-align:justify\">\n          <em>Sorrento to obtain exclusive rights in North and South America, Europe, major Asian countries (including Greater China and Japan) and certain other countries to utilize Dyadic\u2019s C1 technology for the development and commercialization of vaccines, therapeutic antibodies, protein therapeutics, and diagnostics for coronaviruses, including DYAI-100, Dyadic\u2019s lead COVID-19 vaccine candidate<\/em><br \/>\n          \n        <\/li>\n<li style=\"text-align:justify\">\n          <em>Exclusivity is subject to Sorrento\u2019s timely achievement of certain development milestones<\/em>\n        <\/li>\n<li style=\"text-align:justify\">\n          <em>Expands Sorrento\u2019s extensive COVID-19 programs and corporate mission to develop novel vaccines and therapeutic treatments for unmet needs<\/em>\n        <\/li>\n<li style=\"text-align:justify\">\n          <em>Consideration includes a $10 million up-front payment ($5 million in cash and $5 million in Sorrento stock), reimbursement of certain DYAI-100 R&amp;D expenses, with potential for multiple future development milestones and royalty payments <\/em>\n        <\/li>\n<\/ul>\n<p align=\"justify\">JUPITER, Fla., Aug.  11, 2021  (GLOBE NEWSWIRE) &#8212; Dyadic International, Inc. (\u201cDyadic\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d) (NASDAQ: DYAI), a global biotechnology company focused on further improving, applying and deploying its proprietary C1-cell protein production platform to accelerate development, lower production costs and improve access to biologic vaccines and drugs at flexible commercial scales, and Sorrento Therapeutics, Inc. (&#8220;Sorrento&#8221;) (NASDAQ: SRNE), a clinical stage biopharmaceutical company developing new therapies to treat cancer, pain and COVID-19, today announced the signing of a binding term sheet to enter into a License Agreement to develop and commercialize vaccines, therapeutics, and diagnostics for coronaviruses, including Dyadic\u2019s lead COVID-19 vaccine candidate, DYAI-100, produced using Dyadic&#8217;s proprietary and patented C1-cell protein production platform. The final terms of the license will be set forth in a definitive agreement to be entered into between the parties.<\/p>\n<p align=\"justify\">Sorrento\u2019s Chairman and CEO, Dr. Henry Ji, commented, \u201cWe look forward to continuing our collaboration with Dyadic, which began last year, initially with a goal of developing and commercializing a protein-based COVID-19 vaccine that can be rapidly manufactured in large quantities in our existing cGMP facilities, and stored and transported at room temperature, in order to increase access and affordability to underserved populations globally.\u201d Dr Ji. continued, \u201cOver the past six months we have carried out several promising preclinical animal trials using the C1 produced RBD antigen in Dyadic\u2019s lead COVID-19 vaccine candidate, DYAI-100. Our goal is to manufacture a COVID-19 vaccine that will provide protection across the variants of concern, including Delta, and in addition, apply the C1 protein production platform broadly across our current and future coronavirus programs.\u201d<\/p>\n<p align=\"justify\">Mark Emalfarb, Dyadic\u2019s President and Chief Executive Officer noted, \u201cWe are delighted to have executed a binding term-sheet with Sorrento Therapeutics to license the C1 technology for the development and commercialization of coronavirus vaccines, therapeutics, and diagnostics, including COVID-19. This marks a significant milestone in our corporate development efforts as we expect the license agreement we will enter into to enable us to monetize our internal COVID-19 development efforts with a partner that has the resources and expertise to advance vaccines, therapeutics, and diagnostics both clinically and commercially.\u201d<\/p>\n<p align=\"justify\">\u201cThe 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,\u201d concluded Mr. Emalfarb.<\/p>\n<p align=\"justify\">Mr. Michael Tarnok, Dyadic\u2019s Board Chairman noted, \u201cThis is a significant event for Dyadic and humankind globally, having achieved our goal of creating a pathway that potentially addresses the COVID-19 vaccine production gap for mass scale immunizations and treatments across the globe, quickly and efficiently. The Sorrento license will cover all other territories not already covered by Dyadic\u2019s existing COVID-19 agreements with Medytox, Syngene and the Rubic Consortium.\u201d<\/p>\n<p>\n        <strong>About Sorrento Therapeutics, Inc. <\/strong>\n      <\/p>\n<p align=\"justify\">Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers and COVID-19. Sorrento&#8217;s multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (\u201cG-MAB\u2122 library\u201d), clinical stage immuno-cellular therapies (\u201cCAR-T\u201d, \u201cDAR-T\u2122\u201d), antibody-drug conjugates (\u201cADCs\u201d), and clinical stage oncolytic virus (\u201cSeprehvir\u2122\u201d). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIGUARD\u2122, COVI-AMG\u2122, COVISHIELD\u2122, Gene-MAb\u2122, COVI-MSC\u2122 and COVIDROPS\u2122; and diagnostic test solutions, including COVITRACK\u2122, COVI-STIX\u2122 and COVITRACE\u2122.<\/p>\n<p align=\"justify\">Sorrento&#8217;s commitment to life-enhancing therapies for patients is also demonstrated by its effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin (\u201cRTX\u201d), and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA\u2122), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and to commercialize ZTlido<sup>\u00ae<\/sup> (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a Phase IB trial for intractable pain associated with cancer and a Phase 1B trial in osteoarthritis patients. SEMDEXA is in a pivotal Phase 3 trial for the treatment of lumbosacral radicular pain, or sciatica. ZTlido<sup>\u00ae<\/sup> was approved by the FDA on February 28, 2018.<\/p>\n<p align=\"justify\">For more information visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=O9l5KMwvblOOHu5PWQLvSYMJgpI_JxFXQoFxSUEc6akzbUG3vg6rMTrWfbUHB8SRxKi7lWVtzVthtdefUW7WDszRZkcg-0fQWQxNJAGEAtJINkEuulF8NRTgJqec1Z0j\" rel=\"nofollow noopener\" target=\"_blank\">www.sorrentotherapeutics.com<\/a><\/p>\n<p>\n        <strong>About Dyadic International, Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">Dyadic International, Inc. is a global biotechnology company that is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus\u00a0<em>Thermothelomyces heterothallica (formerly Myceliophthora thermophila)<\/em>, named C1. The C1 microorganism, which enables the development and large-scale manufacture of low-cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles (VLPs) and antigens, monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and\/or biobetters, and other therapeutic proteins. Certain other research activities are ongoing, which include the exploration of using C1 to develop and produce certain metabolites and other biologic products. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. As the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs, and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers, and improve access and cost to patients and the healthcare system, but most importantly save lives.<\/p>\n<p align=\"justify\">Please visit Dyadic&#8217;s website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=dkzWkFbacQ_jc6ok3rr789SHfakXj9wFtfIY8fg3pKlvRLmp4PETUYcZDWZbJw_kGzEuXGPFBbjyjNUYXWghH_YZOHNaXVJZGKCPmYgwbgM=\" rel=\"nofollow noopener\" target=\"_blank\">http:\/\/www.dyadic.com<\/a>\u00a0for additional information, including details regarding Dyadic&#8217;s plans for its biopharmaceutical business.<\/p>\n<p>\n        <strong>Safe Harbor Regarding Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding Dyadic&#8217;s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance. Forward-looking statements generally can be identified by use of the words \u201cexpect,\u201d \u201cshould,\u201d \u201cintend,\u201d \u201caim,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cwill,\u201d \u201cproject,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cpotential,\u201d \u201cpursue,\u201d or \u201ccontinue\u201d and other similar terms or variations of them or similar terminology. However, not all forward-looking statements contain these words. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including (1) the expected entry into a definitive license agreement with Sorrento, (2) the development and commercialization of COVID-19 vaccines, including DYAI-100, and therapeutic antibodies, protein therapeutics and diagnostics for coronaviruses; (3) the properties of DYAI-100, including its induction of high-titer neutralization activity against SARS-CoV-2 and its variants of concern, (4) the capability to manufacture protein-based vaccines in large quantities; (5) the resources and expertise of Dyadic and its partners in developing and commercializing vaccines, therapeutics and diagnostics; (6) the expectation that such vaccines would be effective against SARS-CoV-2 and its variants of concern; (7) general economic, political and market conditions; (8) our ability to generate the required productivity, stability, purity, performance, cost, safety and other data necessary to carry out and implement our biopharmaceutical research and business plans and strategic initiatives; (9) our ability to implement and successfully carry out Dyadic\u2019s and third parties\u2019 research and development efforts; (10)\u00a0the pharmaceutical and biotech industry, governmental regulatory and other agencies\u2019 willingness to adopt, utilize and approve the use of the C1 gene expression platform;\u00a0and (11) other factors described in the Company&#8217;s most recent filings with the SEC. Given these risks and uncertainties, you should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this press release are made only as of the date hereof, and Dyadic does not intend, and except as required by law assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled &#8220;Risk Factors&#8221; in Dyadic&#8217;s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the \u201cSEC\u201d), as such factors may be updated from time to time in Dyadic&#8217;s periodic filings with the SEC, which are accessible on the SEC&#8217;s website and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Wppp2NJKX1FXlDzSohOPDnLcJJdQWM_f8MeNUnCJM9wDXto7abYLjkf7bmfScgcmEMA4SfcnQ4IfhY1vnvXgfg==\" rel=\"nofollow noopener\" target=\"_blank\">www.dyadic.com<\/a>.<\/p>\n<p>\n        <strong>Contacts:<\/strong>\n      <\/p>\n<p>\n        <strong>Sorrento Therapeutics Inc. <\/strong><br \/>\n        <br \/>Alexis Nahama, DVM<br \/>SVP, Corporate Development<br \/>Email: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=z8T7j-QOOsJT0X9W8-0Xb6d4HvGYjpOPFmDGTS2u5vjyFzMweLQOY8QD0sRRACsm2WF3AhYGO-qFBRuwsBH-nc_30w62OBpBmYoYNACk-UWuZT6wzTkBG5Vo0dq3Le9wD2PRtAljKqgvWKTCV__hdA==\" rel=\"nofollow noopener\" target=\"_blank\">mediarelations@sorrentotherapeutics.com<\/a><\/p>\n<p>Sorrento\u00ae and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.<\/p>\n<p>G-MAB\u2122, DAR-T\u2122, SOFUSA\u2122, COVIGUARD\u2122, COVI-AMG\u2122, COVISHIELD\u2122, Gene-MAb\u2122, COVIDROPS\u2122, COVI-MSC\u2122, COVITRACK\u2122, COVITRACE\u2122 and COVISTIX\u2122 are trademarks of Sorrento Therapeutics, Inc.<\/p>\n<p>SEMDEXA\u2122 is a trademark of Semnur Pharmaceuticals, Inc.<\/p>\n<p>ZTlido\u00ae is a registered trademark owned by Scilex Pharmaceuticals Inc.<\/p>\n<p>All other trademarks are the property of their respective owners.<\/p>\n<p>\n        <strong>Dyadic International, Inc.<\/strong><br \/>\n        <br \/>Ping W. Rawson<br \/>Chief Financial Officer<br \/>Phone: (561) 743-8333<br \/>Email: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=AKVVEH_vnEwLXkSpHPgQkFUMB_DyYLDd2X6MSnBdpAeoV86n8njznGBNI9Xx44QRCYuIKLGKW47adoqbsGpGFt_5-dptGi4gLnsJyNfCCfA=\" rel=\"nofollow noopener\" target=\"_blank\">prawson@dyadic.com<\/a><\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNzI0NiM0MzUzMzE3IzIwMTkyMTA=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NDFlNmRkMDgtNzAxNi00MzE1LWEzNGYtNGE1ZDA5MjAyYTk4LTEwMzA3ODM=\/tiny\/Dyadic-International-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sorrento to obtain exclusive rights in North and South America, Europe, major Asian countries (including Greater China and Japan) and certain other countries to utilize Dyadic\u2019s C1 technology for the development and commercialization of vaccines, therapeutic antibodies, protein therapeutics, and diagnostics for coronaviruses, including DYAI-100, Dyadic\u2019s lead COVID-19 vaccine candidate Exclusivity is subject to Sorrento\u2019s timely achievement of certain development milestones Expands Sorrento\u2019s extensive COVID-19 programs and corporate mission to develop novel vaccines and therapeutic treatments for unmet needs Consideration includes a $10 million up-front payment ($5 million in cash and $5 million in Sorrento stock), reimbursement of certain DYAI-100 R&amp;D expenses, with potential for multiple future development milestones and royalty payments JUPITER, Fla., Aug. 11, 2021 (GLOBE NEWSWIRE) &#8212; &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Dyadic and Sorrento Announce Binding Term Sheet to License Dyadic\u2019s Lead COVID-19 Vaccine Candidate \u201cDYAI-100\u201d and C1 Technology for Protein-Based Coronavirus Vaccines and Therapeutics&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-526608","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Sorrento to obtain exclusive rights in North and South America, Europe, major Asian countries (including Greater China and Japan) and certain other countries to utilize Dyadic\u2019s C1 technology for the development and commercialization of vaccines, therapeutic antibodies, protein therapeutics, and diagnostics for coronaviruses, including DYAI-100, Dyadic\u2019s lead COVID-19 vaccine candidate Exclusivity is subject to Sorrento\u2019s timely achievement of certain development milestones Expands Sorrento\u2019s extensive COVID-19 programs and corporate mission to develop novel vaccines and therapeutic treatments for unmet needs Consideration includes a $10 million up-front payment ($5 million in cash and $5 million in Sorrento stock), reimbursement of certain DYAI-100 R&amp;D expenses, with potential for multiple future development milestones and royalty payments JUPITER, Fla., Aug. 11, 2021 (GLOBE NEWSWIRE) &#8212; &hellip; Continue reading &quot;Dyadic and Sorrento Announce Binding Term Sheet to License Dyadic\u2019s Lead COVID-19 Vaccine Candidate \u201cDYAI-100\u201d and C1 Technology for Protein-Based Coronavirus Vaccines and Therapeutics&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-11T12:38:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwNzI0NiM0MzUzMzE3IzIwMTkyMTA=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Dyadic and Sorrento Announce Binding Term Sheet to License Dyadic\u2019s Lead COVID-19 Vaccine Candidate \u201cDYAI-100\u201d and C1 Technology for Protein-Based Coronavirus Vaccines and Therapeutics\",\"datePublished\":\"2021-08-11T12:38:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\\\/\"},\"wordCount\":1648,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODMwNzI0NiM0MzUzMzE3IzIwMTkyMTA=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/dyadic-and-sorrento-announce-binding-term-sheet-to-license-dyadics-lead-covid-19-vaccine-candidate-dyai-100-and-c1-technology-for-protein-based-coronavirus-vaccines-and-ther\\\/\",\"name\":\"Dyadic and Sorrento Announce Binding Term Sheet to License Dyadic\u2019s Lead COVID-19 Vaccine Candidate \u201cDYAI-100\u201d and C1 Technology for Protein-Based Coronavirus Vaccines and Therapeutics - 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