R&D revenue grew to $454,507 from $262,960 year over year for the three months ended September 30, the company’s cash and equivalents increased to $4.7 million from $2.4 million.
In addition, the carrying value of investment grade securities, including accrued interest at September 30, 2019 was $32.5 million compared to $39.1 million at December 31, 2018.
"Our financial position remains solid with approximately $37.2 million in cash and investment grade securities, including accrued interest,” CEO Mark Emalfarb said in a statement. “We are debt-free and we are further supported by partner funded on-going R&D collaborations. In sum, we are very well-positioned to execute on our vision of creating more efficient and commercially cost-effective healthcare solutions for society globally."
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On a per share basis, the company posted a loss of $0.06 per share, unchanged year-over-year.
The Jupiter, Florida-based company also issued an update on recent developments, with a particular focus on the development of its proprietary C1 gene expression technology.
"We continued to strengthen our growing portfolio of collaborations with industry leading companies further reinforcing the broad-based application potential of our proprietary C1 gene expression technology,” Emalfarb said. “On October 28th, we announced our fifth animal sector collaboration. This is a fully funded agreement with a leading animal health company to utilize our proprietary C1 technology to express three different types of proteins for potential use in their research and commercial projects.”
In addition, Dyadic initiated animal studies with the C1-produced ZAPI antigen. The studies are based on the successful fermentation results of the Schmallenberg virus, which produced a yield of 17 times the initial targeted expression level.
"In addition to the success we are seeing in the ZAPI collaboration, earlier this year we successfully expressed a protein associated with another major pharma company in the same sector as the ZAPI collaboration,” Emalfarb added. “They extended their collaboration for a second protein and on October 28th, they extended it for a third protein.”
Emalfarb also touted the company’s overall body of work over the last 18 months.
“In just over a year and a half we have entered into over 15 proof of concept collaborations for both human and animal health working with 7 top pharma companies, and we initiated two internally funded research projects,” he concluded.
—Updated to include greater specificity regarding the company's cash position—
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