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.
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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.
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