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About the Author:
Tracy Marshbanks, Ph.D.
Managing Director
Tracy Marshbanks is a managing director. He works with companies in a variety of sectors, particularly businesses where chemical and medical technologies are a key differentiating element. He is a thought leader in his sectors, authoring research and using his industry knowledge and expansive network to uncover promising investment opportunities and help companies navigate their strategic paths and accelerate growth. Prior to joining First Analysis in 1999, he held a number of positions with Amoco Corp. with responsibilities ranging from refining research and development to capital planning (first in petroleum refining and then in marketing). He earned an MBA from the University of Chicago, a doctorate in chemical engineering from Purdue University, and a bachelor’s degree in chemical engineering from Colorado State University.
First Analysis Process Technology Team
Tracy Marshbanks, Ph.D.
Managing Director
Eric Terhorst
Senior Vice President
Matthew Nicklin
Managing Director
Joseph Munda
Vice President
First Analysis Quarterly Insights
Process Technology
A fungus among us, and that could be a good thing
October 23, 2020
  • We explore in detail an example of the theme we discussed in our last Process Technology Quarterly Insights: how scientific wars and races stimulate innovation and create opportunities for new technologies and market entrants throughout the economy, including pharmaceuticals. In our example, Dyadic International (DYAI), an innovator in bioproduction technology, stands to see uptake of its technology platform for biopharmaceutical production accelerated by the urgency of developing and producing COVID-19 vaccines and treatments.
  • Dyadic's C1-based expression system for drug development and production, already battle tested in the industrial markets, has the potential to disrupt the market for bioproduction of human therapeutics by enabling much more productive, lower-cost bioproduction processes.
  • But while C1 stacks up well in terms of speed, efficiency, productivity, and cost relative to other expression systems used in drug development and production, it lacks a regulatory and safety history in human therapeutics. Now, with COVID-19 as a catalyst for adoption, Dyadic has a number of partnerships and programs underway, many tied to COVID-19 vaccines and treatments, aimed at establishing C1 in the human therapeutics market.


Includes discussion of DYAI, MRNA, SNY

What is an expression platform?

A little more on C1

Opportunities to break through

Transformational potential

Process technology index continues post-COVID-19 rally

Process technology M&A activity begins to rebound

Process technology private investment slows in Q3


In our last Process Technology Quarterly Insights report, we provided an overview of pharmaceutical technology and service providers with emphasis on the push for COVID-19 therapeutics. We stated our opinion that wars and scientific races, like the race for COVID-19 vaccines and treatments, stimulate innovation and create opportunities for new technologies and entrants throughout the economy, including in the pharma industry. In this report we highlight an example: The race for COVID-19 therapeutics is creating new opportunities - and perhaps the potential to be a major technological disruptor - for an innovator in bioproduction technology, Dyadic International.

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