Dyadic International Inc., a biotechnology company, said it has agreed to privately place stock and warrants with institutional investors, raising net proceeds of $12.3 million.

The company placed 2.79 million common shares at $4.68 per share and warrants to purchase up to 557,400 shares with an exercise price of $6.33 each.

Dyadic said it will use proceeds to expand its development program, strengthen its product pipeline and accelerate the commercial launch of new products.

Cowen and Co. LLC acted as the exclusive placement agent for the offering. The closing of the private placement is subject to the approval of the listing of the shares and the shares underlying the warrants by the American Stock Exchange and other customary closing conditions.

Dyadic shares added 7 cents to $5.31 in morning trading. The stock has traded between $1.50 and $9.06 over the past 52 weeks.