Applied DNA Sciences Inc (NASDAQ:APDN) shares rose 2.13% to $2.40 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.90 and $3.19. The company has a market cap of $65.70 million at 27.38 million shares outstanding.
In a press release, Applied DNA Sciences Inc announced the signing of a Cooperative Research and Development Agreement with the U.S. Army Research, Development and Engineering Command’s Edgewood Chemical Biological Center in order to study the commercialization of ECBC’s in-field DNA microarray technology for use in military and commercial supply chains.
Under the terms of this agreement, ECBC’s subject matter experts and Applied DNA’s science team will cooperatively study the feasibility of commercializing ECBC’s in-field DNA detection technology in varied supply chains.
“Rapid, hand-held in-field DNA detection has long been a goal of ours and is essential to the long-term growth of our technology platform,” stated Dr. James Hayward, President and CEO of Applied DNA Sciences Inc.
“This mutually beneficial cooperative research and development project parallels our ongoing partnership with several DoD agencies and reflects our continued efforts to commercialize technologies made available under our ongoing DoD R&D contracts. We believe that the ECBC’s technology is extremely promising in this regard and are excited to work alongside it on this next generation data capture,” he continued.
Applied DNA Sciences Inc is a company that is engaged in creating security solutions addressing the challenges of modern commerce. The company is also engaged in the large-scale production of specific deoxyribonucleic acid sequences using the polymerase chain reaction.
Its principal technology platform includes SigNature DNA, SigNature T DNA, fiberTyping, DNAnet, digitalDNA, SigNify and Beacon. Its SigNify IF portable DNA reader provides definitive real-time authentication of SigNature DNA in the field-DNA becomes a solution for supply chain integrity.
SigNature DNA is the Company’s platform ingredient, at the core of all its security solutions. It provides forensic power and protection for a range of applications. SigNature T DNA is a tagging and authentication system specifically designed for textiles and apparel. DNAnet is a DNA marker that can be used to definitively link evidence and offenders to specific crime scenes and help return stolen or lost property to its rightful owner.