September 8, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Dyadic International, Inc. (OTC: DYAI), a biotechnology company, said it has received an additional $1 million to complete a private placement of convertible subordinated secured promissory notes that has provided Dyadic with total gross proceeds of $4 million.

According to the company, three of the eight private investors participating in this offering are officers and/or directors of Dyadic representing around one-third of the total gross proceeds.

The notes will pay interest quarterly at a rate of 8% per annum. They will be convertible, at the holder’s option after January 1, 2011, into shares of Dyadic common stock at a conversion price of $1.82, which represents 120% of the average closing price for the 30-day period preceding the closing date. The Notes mature on January 1, 2013.

Dyadic said it expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.

Florida-based Dyadic International 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.

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