Dyadic executives, key employees resign

By Bryan Sims | June 02, 2008
Web exclusive posted June 13, 2008 at 10:07 a.m. CST

On May 30, Jupiter, Fla.-based biotechnology and enzyme development company Dyadic International Inc. received notice from all of its executive officers and certain key employees of their resignations from the company effective June 20.

Members who submitted their resignations include: Wayne Moor, chief executive officer, president and a member of the company's board of directors and executive committee of the board; Lisa De La Pointe, chief financial officer and executive vice president; Alexander (Sasha) Bondar, chief business officer and executive vice president; Kent M. Sproat, executive vice president of manufacturing; Daniel Michalopoulos, senior vice president of research and development; and Charles W. Kling IV, senior vice president of sales and marketing.

All of the aforementioned employees have indicated intentions of fulfilling their commitment to work for Dyadic and to assist in facilitating a smooth and orderly transition until the dates of their respective effective times.

In connection with their resignations, the senior managers all cited Mark A. Emalfarb's return to - and anticipated re-employment - Dyadic as the motive behind submitting their respective resignations.

As reported in April 2008 by EPM, Dyadic has held somewhat of a checkered past, announcing its sale after it was mired in litigation from two institutional investors that demanded its board chief executive officers be fired and Emalfarb, the company's founder, be reinstated.

In late September 2007, Dyadic fired Emalfarb, accusing him of "willfully concealing" an Asian accounting scandal which involved the company's Asian subsidiary's largest customer reselling Dyadic products for cash to evade Chinese reporting and taxes. Dyadic withdrew from Asia altogether, and Emalfarb was placed on a leave of absence. Dyadic then demanded his resignation from the board but Emalfarb refused, denying he had any knowledge of the Asian improprieties. He later sued over the dismissal, access to company records and collection of a $2.4 million note he loaned the company in 2003. In late February, the lawsuit Emalfarb field against Dyadic for the release of company records was settled.

The executive management alleges they have been constructively terminated without cause to which they are entitled to certain severance and other payments under their employment agreements.

On June 5, the company filed a "current report" on Form 8-K with the U.S. Securities and Exchange Commission reporting the resignations, which includes copies of the aforementioned resignation letters submitted by Wayne Moor and the senior managers, as well as the company's response letter regarding the resignation letters submitted.

For more information about Dyadic, visit www.dyadic.com/wt/home.