Applied DNA Sciences Announces $7.5 Million Financing
Summary
STONY BROOK, NY--(Marketwired - Jul 22, 2013) - Applied DNA Sciences, Inc. ( : APDN), (Twitter: @APDN), a provider of DNA-based anti-counterfeiting technology and product authentication solutions, announced today it has entered into a Securities Purchase Agreement ("the Agreement") with an institutional accredited investor, Crede CG III, Ltd. to provide $7.5 million in financing. Warrants issued as a part of this financing could contribute up to an additional $9.75 million in funds to the company if exercised for cash. This financing will allow APDN to continue to scale its operations and broaden its product line to meet the demand of a growing number of contracts in electronics and other verticals, continue to hire top sales, operational, and scientific talent, leverage valuable assets acquired from RedWeb Technologies, and further expand the companys market share in Europe. Dr. James A. Hayward, President and CEO of Applied DNA Sciences said, "We have built our recent successes on an ability to deliver high-security, high-quality solutions. SigNature® DNA and smartDNA, our principal anti-counterfeiting and product authentication solutions that essentially cannot be copied, provide a forensic chain of evidence and can be used to prosecute perpetrators.
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