Applied DNA Signs Term Sheet with TheraCann International for Exclusive License of CertainT® Platform in Legal Cannabis & Hemp
February 12 2019 - 5:00AM
Business Wire
Applied DNA’s CertainT Platform to Power
TheraCann’s ETCH BioTrace Seed-to-Sale Tracking System
Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA,” or
“the Company”), a leader in PCR-based DNA manufacturing for product
authenticity and traceability solutions, and TheraCann
International Benchmark Corporation (“TheraCann”), a leading global
full-service legal cannabis and hemp consultancy, announced today
that they have entered into a non-binding Term Sheet (the “Term
Sheet”) for a long term exclusive licensing agreement for the use
of Applied DNA’s proprietary CertainT® supply chain integrity
platform technology within TheraCann’s ETCH BioTrace® seed-to-sale
tracking system. The Term Sheet is expected to be followed by a
definitive agreement (the “Agreement”).
Upon a signed Agreement TheraCann will pay to Applied DNA $5.0
million in non-contingent phased payments over a period of six (6)
months from the date of the signing of the Agreement. In addition,
Applied DNA will be the exclusive supplier of SigNature® molecular
tags, molecular tag application systems and molecular tag
authentication systems to TheraCann for use within TheraCann’s ETCH
Biotrace system. The term of the exclusive license to TheraCann is
patent term for patented aspects, and 20 years for non-patented
components.
“Having initiated our relationship with TheraCann in early 2018
through a funded development agreement and working together to
establish a go-to-market strategy and robust joint business
development pipeline that includes 12 near-term revenue
opportunities, we are very pleased to move closer to formalizing a
new phase of our relationship with TheraCann,” said Dr. James
Hayward, President and CEO of Applied DNA. “Over the past year,
TheraCann has been an incredible business partner, and we look
forward to supplying our CertainT platform as an integral component
to the ETCH Biotrace system that is capable of true seed-to-sale
tracking of legal cannabis, hemp and their derivative
products.”
Chris Bolton, COO of TheraCann said, “It is with great pleasure
that we have the opportunity to work more closely with Applied DNA
and to take ETCH BioTrace to the global market. We believe that
ETCH BioTrace will assist global governments, law enforcement,
producers, processors and distributors in stabilizing the cannabis
supply chain and to assist with both domestic and international
import and export.”
Applied DNA cautions investors that the Term Sheet is a
preliminary and non-binding document. All terms contemplated in the
Term Sheet, including all upfront payments totaling $5.0 million,
will only become operative if a definitive agreement is executed.
It is possible that no definitive agreement will be reached, or,
its terms or conditions may differ from those described above.
Applied DNA also noted that Dr. Hayward will be in attendance at
CannaTech Panama on 12 and 13 February, an event hosted by Israel
Cannabis (iCAN) and sponsored by TheraCann.
About TheraCann International Benchmark Corporation
Founded in 2016, TheraCann International Benchmark Corporation
offers a one-stop, full-service solution for the International
cannabis marketplace. TheraCann provides business, technology and
industry experts who apply advanced technology and help clients
design, build and run their cannabis businesses. Integrating nearly
3.5 million square feet of cannabis operations and the successful
launch of groundbreaking Enterprise Resource Planning (ERP)
software, Aeroponic cultivation systems and patented genetic
tracking and diversion prevention systems, TheraCann provides
cannabis-related businesses with solutions to fit their regulatory
requirements.
More information about TheraCann is available at
www.theracann.solutions, www.etchbio.solutions. Follow us on
Twitter or Linkedin.
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable
supply chain security, anti-counterfeiting and anti-theft
technology, product genotyping and
pre-clinical nucleic acid-based therapeutic drug
candidates.
Applied DNA makes life real and safe by providing innovative,
molecular-based technology solutions and services that can help
protect products, brands, entire supply chains, and intellectual
property of companies, governments and consumers from theft,
counterfeiting, fraud and diversion.
Visit adnas.com for more information. Follow us
on Twitter and LinkedIn. Join our mailing
list.
Common stock listed on NASDAQ under the symbol APDN, and
warrants are listed under the symbol APDNW.
Forward-Looking Statements
The statements made by Applied DNA in this press release may be
“forward-looking” in nature within the meaning of the Private
Securities Litigation Act of 1995. Forward-looking statements
describe Applied DNA’s future plans, projections, strategies and
expectations, and are based on assumptions and involve a number of
risks and uncertainties, many of which are beyond the control of
Applied DNA. Actual results could differ materially from those
projected due to its history of net losses, limited financial
resources, limited market acceptance and various other factors
detailed from time to time in Applied DNA’s SEC reports and
filings, including our Annual Report on Form 10-K filed on December
18, 2018 and our subsequent quarterly report on Form 10-Q filed on
February 7, 2019, and other reports we file with the SEC, which are
available at www.sec.gov. Applied DNA undertakes no obligation
to update publicly any forward-looking statements to reflect new
information, events or circumstances after the date hereof to
reflect the occurrence of unanticipated events, unless otherwise
required by law.
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