Applied DNA Announces Closing of $2.75 Million Public Offering of Common Stock and Warrants
28 December 2018 - 8:05AM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA” or the
"Company"), a leader in large-scale PCR-based DNA manufacturing,
announced today that on December 26, 2018 it closed its previously
announced underwritten public offering (the “Offering”) of an
aggregate of 5,500,000 shares of common stock, par value $0.001 per
share (the “Common Stock”), together with warrants to purchase an
aggregate of 5,500,000 shares of common stock (the “Warrants”) at
an exercise price equal to $0.50 per share of Common Stock with
Maxim Group LLC (“Maxim”), as the sole underwriter and book running
manager. Maxim partially exercised its overallotment option that
was granted pursuant to the Offering and purchased an additional
800,000 Warrants. Such exercised portion of the overallotment also
closed on December 26, 2018. The gross proceeds from the offering,
before deducting the underwriting discounts and commissions and
estimated offering expenses payable by the Company, are $2.75
million.
Applied DNA intends to use the net proceeds from this offering
for working capital, capital expenditures, business development and
research and development expenditures.
The Company also noted that it intends to resume quarterly
earnings conference calls with the report of its 2019 fiscal first
quarter results in February 2019.
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 DNA mass production for
diagnostics, personalized medicine and therapeutics.
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.
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 including the substantial doubt relating to the
Company’s ability to continue as a going concern. Actual results
could differ materially from those projected due to its history of
net losses, limited financial resources, limited market acceptance,
the uncertainties inherent in research and development, future
clinical data and analysis, including whether any of Applied DNA’s
product candidates will advance further in 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, 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20181227005348/en/
Investor contact: Sanjay M. Hurry, 212-838-3777, LHA
Investor Relations, shurry@lhai.comWeb:
www.adnas.comTwitter: @APDN
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