Dyadic reports net loss of $1.5 million for Q1 2013

In Florida, Dyadic reports a net loss of $1.5 million for the quarter ended March 31, 2013 compared to a a net loss of $781,000 in Q1 2012. Dyadic’s cash and cash equivalents increased 3% to $4.1 million at quarter end, when compared to the cash balance of $4.0 million as of December 31, 2012. Debt decreased by $182,000 to $8.2 million as of March 31, 2013, due to the conversion of subordinated debt to common stock during the quarter. For 2013, it expects to report profitability and increased revenue for the full year 2013 due to the BASF licensing fee and expected growth in product sales.