Applied DNA Sciences Closes $5.0 Million Round in Company's First Institutional Financing
(firmenpresse) - STONY BROOK, NY -- (Marketwire) -- 07/18/11 -- Applied DNA Sciences, Inc. (OTCBB: APDN), a provider of DNA-based security solutions, announced that it has closed on a $5.0 million institutional round of financing, via a private placement sale of its common stock.
The company's revenues have grown, while its contracts have diversified. In order to support this growing demand, the management at Applied DNA Sciences believed this was an opportune time to secure additional capital. The company intends to use the proceeds to take full advantage of available market opportunities and to grow the company at this critical juncture in its development. Applied DNA Sciences is now positioned to fully capitalize on the significant market opportunity for its security solutions. In recent months, the company has enhanced its product line while attracting new employees, customers and partners.
Two investors, who contributed the majority of the funding, bring their years of experience and expertise to the company. With the closing of this round, Gerald Catenacci of Neustrada Capital and John Bitzer, III of Abarta will join the Board of Directors within 30 days. "Abarta welcomed the opportunity to add to its current investment in APDN because we believe that this funding will allow APDN to build on its tremendous momentum and secure its place at the forefront of security solutions companies," commented Mr. Bitzer.
"APDN is well poised to dominate the demand for source authentication," stated Mr. Catenacci. "We are confident the company will continue to add key accounts, satisfy marquee customers, and integrate technologies into multiple industry verticals."
"We've been extremely impressed with the progress that APDN has made in the past year, and the amount of interest in this round of financing further validates its efforts to build a company of enduring value," commented Adam Frieman, Co-Chairman of Etico Capital.
"Raising our first round of institutional capital in this economic environment is a true testament to the hard work of our team," said Dr. James Hayward, President and CEO of APDN. "In a time of extraordinary market pressure, we are steadily growing and redefining what customers expect from security technology solutions."
APDN sells patented DNA security solutions to protect products, brands and intellectual property from counterfeiting and diversion. SigNature DNA is a botanical mark used to authenticate products in a unique manner that essentially cannot be copied, and provide a forensic chain of evidence that can be used to prosecute perpetrators. To learn more, go to where APDN routinely posts all press releases.
The statements made by APDN may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe APDN'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 APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN's SEC reports and filings, including our Annual Report on Form 10-K, filed on December 15, 2010 and our subsequent quarterly reports on Form 10-Q. APDN 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.
INVESTOR CONTACT:
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fax: 631-444-8848
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Datum: 18.07.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 35338
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STONY BROOK, NY
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Security
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