Applied DNA Receives Approximately $5.3 Million in Net Proceeds from Warrant Exercise
May 06 2020 - 8:00AM
Business Wire
Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA” or the
“Company”) a leader in Polymerase Chain Reaction (PCR)-based DNA
manufacturing that enables diagnostics, pre-clinical nucleic
acid-based therapeutic drug candidates, supply chain security,
anti-counterfeiting and anti-theft technology, has received
approximately $5.3 million in net proceeds calendar year to date as
a result of the exercise of equity warrants.
Applied DNA issued approximately 2.6 million warrants in
connection with an underwritten public offering that closed on
November 15, 2019. Each warrant entitles its owner to purchase one
share of common stock in the Company at a per share price of $5.25
until November 15, 2024. Approximately 1.5 million warrants
associated with the November 15, 2019 offering remain
outstanding.
About Applied DNA Sciences, Inc. Applied DNA is a
provider of molecular technologies that enable supply chain
security, anti-counterfeiting and anti-theft technology, product
genotyping, diagnostics and pre-clinical nucleic acid-based
therapeutic drug candidates.
LinearDNA™ is a trademark of Applied DNA Sciences, Inc.
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The Company’s common stock is listed on NASDAQ under ticker
symbol ‘APDN’, and its publicly-traded warrants are listed on OTC
under ticker symbol ‘APPDW’.
Forward-Looking Statements The statements made by Applied
DNA in this press release may be “forward-looking” in nature within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform 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 the possibility of a failure
to make timely payment on its outstanding secured convertible notes
and resulting enforcement by noteholders of remedies on collateral
which includes substantially all of Applied DNA’s assets, its
history of net losses, limited financial resources, limited market
acceptance, the fact that there has never been a commercial drug
product utilizing PCR-produced DNA technology approved for
therapeutic use, the uncertainties inherent in research and
development, future clinical data and analysis, including whether
any of Applied DNA’s or its partners product candidates will
advance further in the preclinical research or clinical trial
process, including receiving clearance from the U.S. Food and Drug
Administration or equivalent foreign regulatory agencies to conduct
clinical trials and whether and when, if at all, they will receive
final approval from the U.S. FDA or equivalent foreign regulatory
agencies, 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 12, 2019 and our subsequent
quarterly report on Form 10-Q filed on February 6, 2020, 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 or to reflect the occurrence of
unanticipated events, unless otherwise required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200506005271/en/
investor contact: Sanjay M. Hurry, LHA Investor
Relations, 212-838-3777, shurry@lhai.com web: www.adnas.com,
https://adnas.com/linearx twitter: @APDN
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