Applied DNA Sciences Inc (NASDAQ:APDN) shares are down 6.64% to $1.64. Share prices have been trading in a 52-week range of $0.90 to $3.61. The company has a market cap of $54.44 million shares at 26.35 million shares outstanding.
Applied DNA Sciences Inc announced that it has entered into subscription agreements for a private placement of its Common Stock, par value $.001 per share. This agreement was with a group of investors, including all of the Company’s Executive Officers and members of the Board of Directors.
“I am extremely pleased with the investment and support received from our management team, the Board and a key customer in joining me in strengthening the Company’s balance sheet to give us additional resources with which to execute on our growth strategy. This investment was done without any discount or preference, without warrants or banking fees, offering the best value for the Company and for existing investors,” said Dr. James Hayward, President and CEO of Applied DNA Sciences Inc.
The net proceeds are to be used for general corporate purposes, including working capital, capital expenditures, business development and research and development. As a result of the private placement, the Company will issue and sell 1,025,574 shares of common stock at a price of $1.76 per share for gross proceeds of $1.8 million.
Applied DNA Sciences Inc is a company that is engaged in creating security solutions addressing the challenges of modern commerce and 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.