Applied DNA Receives Initial $1 Million Payment from TheraCann International
April 24 2019 - 1:00PM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA” or
the “Company”), a leader in PCR-based DNA manufacturing for product
authenticity and traceability solutions, announced today that it
has received the first $1 million of a $5 million licensing fee as
per the terms of its exclusive agreement entered into with
TheraCann International Corporation (“TheraCann”) on March 29,
2019. The balance of $4 million in payments to Applied DNA is
expected by mid-August in accordance with the terms of the
Agreement.
“The agreement with TheraCann represents further validation of
the commercialization of our CertainT® technology platform across
industries where compliance, control and tracking are essential to
marketplace safety and security,” noted Dr. James A. Hayward,
president and CEO of Applied DNA. “Powered by our CertainT
platform, TheraCann’s ETCH biotraceTM system can provide the global
legal cannabis and hemp industries the unparalleled ability to
ensure true authentication and origin verification for products
through the supply chain.
Concurrently, the Company announced that it received $793
thousand through the cash exercise of 1,773,100 common stock
warrants. Warrants were exercised to purchase 1,558,100 and 215,000
shares of common stock at the price of $0.44 and $0.50 per share,
respectively. The warrants were originally issued as part of
financings completed in December 2017 and December 2018. No
inducements or incentives were offered to the parties exercising
the warrants, and no commissions or placement fees have been paid
related to the funds received from these exercised Warrants.
Additional information with respect to the TheraCann Agreement
was filed via Form 8-K with the Securities and Exchange Commission
on April 3, 2019. Additional details on the warrants may be found
in Applied DNA’s quarterly filings with the Securities and Exchange
Commission.
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, shifting enforcement
priorities of US federal laws relating to cannabis, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190424005871/en/
investor contact: Sanjay M. Hurry, 212-838-3777,
shurry@lhai.comprogram/media contact: John Shearman,
631-240-8838, john.shearman@adnas.comweb:
www.adnas.comtwitter: @APDN
Applied DNA Sciences (NASDAQ:APDN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Applied DNA Sciences (NASDAQ:APDN)
Historical Stock Chart
From Apr 2023 to Apr 2024