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The deal, announced Wednesday, puts Dyadic’sw research relationship developing biofuelzs withthe St. Louis-based company back on The companies hope the work will lead to an efficient way to producecellulosic ethanol, which comes from agricultural waste, rathedr than food crops. Abengoz signed a research and development agreemenft to workwith Dyadic’s C1 technology platforj in 2006, and invested $10 millionn in Dyadic (Pink Sheets: stock. However, Dyadic's board firede founder and CEO Mark Emalfarb in 2007 amid anaccountinb scandal.
Abengoa then filed a lawsuit in Palm Beach Countyu Circuit Court for breachof contract, alleging that its investment was based on false financial Emalfarb, Dyadic’s largest shareholder, regainec his position as CEO last June after winning a legal challenge and a shareholder vote. Dyadic againsrt the law firms and accounting alleging they were responsible for improperly removing Emalfarv and harmingthe company. Meanwhile, Emalfarb has set out to repairf the relationshipsat Dyadic. On April 20, the company said it receivee thefirst $10 millio from Redwood City, Calif.-based Codexis under a non-exclusive licensing deal for C1. Codexis also is working with ondevelopiny biofuels.
Emalfarb said he could not reveakl the financial terms of thenew non-exclusivwe licensing deal for the same technology with However, he said Dyadic could earn facility fees and royalthy fees should Abengoa commercialize the technology. “This is more validationb that the science has continued tomove forward,” Emalfarb said. “The y will take the technology from this poinf and move it either on their own or with helpfrom
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