Corporate Banner
Satellite Banner
Technology
Networks
Scientific Communities
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Applied DNA Sciences Announces $7.5 Million Financing

Published: Tuesday, July 23, 2013
Last Updated: Tuesday, July 23, 2013
Bookmark and Share
Applied DNA Sciences, Inc. announced it has entered into a Securities Purchase Agreement with Crede CG III, Ltd. to provide $7.5 million in financing.

At the initial closing, the Company received gross proceeds of $2,000,000 in exchange for restricted common stock priced at $0.187/share (Initial Closing).

Pursuant to the Agreement, the investor is obligated to invest an additional $5,500,000 in the Company on the date a registration statement providing for the resale of the securities issued is declared effective by the Securities and Exchange Commission ("Second Closing"). This closing will be done at $1,000 per share of preferred stock with a conversion price the lesser of market value or $0.187/share. The investor is limited to 9.9% ownership at any given point in time. The investor is in a "passive" position and will not occupy a Board position. The preferred stock is subject to conversion into common stock at the Company's option following the effectiveness of the registration statement and automatically converts after one year.

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. The Warrants also have a cashless exercise feature. Warrants would be exercised at a strike price equal to $0.2431 per share which is a 30% premium to the original purchase price of $0.187/share. The Company intends to file a registration statement covering the common stock and common stock underlying the warrants and preferred stock. The Company agreed to pay Crede an investment fee equal to $100,000 at the Initial Closing and $265,000 at the Second Closing.

More detailed information on this financing can be found in the Form 8-K filed with the SEC.
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 company's 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. As we grow, we intend to build on this momentum."


Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,400+ scientific posters on ePosters
  • More Than 3,700+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

How the humble plant DNA is aiding anti-counterfeiting efforts
The anti-counterfeiting technology using plant DNA is now being used to protect cash in transit, designer clothing, and in law enforcement. Cloth fibers and threads are now being coated with DNA materials to prevent knock-offs from being marketed as designer brands.
Wednesday, April 11, 2012
Secure DNA Printing for Food: Nissha Inks Exclusive Agreement with Applied DNA Sciences
DNA will ensure food safety and identity.
Tuesday, November 08, 2011
Applied DNA Sciences and Smiths Detection Sign MoU to Provide Forensic Testing for SigNature™ DNA
Smiths will provide APDN with exclusive use of the Bio-seeq™PLUS platform, centered upon a portable, DNA-verifying device.
Tuesday, May 06, 2008
Applied DNA Sciences Presents 'Using DNA to Knock Out the Knock Offs' at the Anti-Counterfeiting and Brand Protection Summit
The presentation will focus on how APDN's SigNature Program can help protect revenue, brands and consumer confidence.
Friday, October 27, 2006
Applied DNA Sciences Wins 2006 Business Achievement Award
Company was named in the Rookie of the Year category.
Friday, August 18, 2006
Applied DNA Sciences Announces Resignations and Appointment of New Directors
Dr. James A. Hayward, Chief Executive Officer, and Dr. Sanford R. Simon have been appointed to the Board of Directors of APDN.
Friday, March 24, 2006
Applied DNA Sciences Relocates Corporate Headquarters to New York
This relocation coincides with a restructuring of the Company's board and management team.
Tuesday, December 20, 2005
Scientific News
Study Finds Brain Chemicals that Keep Wakefulness in Check
Researchers to develop new drugs that promote better sleep, or control hyperactivity in people with mania.
Sorting Through Cellular Statistics
Aaron Dinner, professor in chemistry, and his graduate student Herman Gudjonson are trying to read the manual of life, DNA, as part of the Dinner group’s research into bioinformatics—the application of statistics to biological research.
Playing 'Tag' with Pollution lets Scientists See Who's It
Using a climate model that can tag sources of soot from different global regions and can track where it lands on the Tibetan Plateau, researchers have determined which areas around the plateau contribute the most soot — and where.
Women’s Immune System Genes Operate Differently from Men’s
A new technology reveals that immune system genes switch on and off differently in women and men, and the source of that variation is not primarily in the DNA.
Long Telomeres Associated with Increased Lung Cancer Risk
Genetic predisposition for long telomeres predicts increased lung adenocarcinoma risk.
First Artificial Ribosome Designed
Researchers at the University of Illinois at Chicago and Northwestern University have engineered a tethered ribosome that works nearly as well as the authentic cellular component, or organelle, that produces all the proteins and enzymes within the cell.
High-Resolution 3D Images Reveal the Muscle Mitochondrial Power Grid
NIH mouse study overturns scientific ideas on energy distribution in muscle.
Expanding the Brain
A team of researchers has identified more than 40 new “imprinted” genes, in which either the maternal or paternal copy of a gene is expressed while the other is silenced.
Identifying a Key Growth Factor in Cell Proliferation
Researchers discover that aspartate is a limiter of cell proliferation.
Study Uncovers Target for Preventing Huntington’s Disease
Scientists from Cardiff University believe that a treatment to prevent or delay the symptoms of Huntington’s disease could now be much closer, following a major breakthrough.
Scroll Up
Scroll Down
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,400+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,700+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!