Applied DNA Announces Closing of $15 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
January 13 2021 - 11:44AM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN) (the “Company”), a
leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing,
announced today the closing of its previously announced registered
direct offering with a group of institutional investors of
1,810,000 shares of common stock at a price of $8.30 per share,
priced at-the-market under Nasdaq rules, resulting in total gross
proceeds of approximately $15 million, before deducting the
placement agent’s fees and other estimated offering expenses.
The Company currently intends to use the net proceeds from the
offering for general corporate purposes, including working capital,
for research and development, and to advance the adoption of its
LinearDNA™ manufacturing platform.
Roth Capital Partners served as sole placement agent for the
transaction.
The offering was made pursuant to a shelf registration statement
on Form S-3 (File No. 333-238557) (including a prospectus)
previously filed with the Securities and Exchange Commission (the
"SEC") on May 21, 2020, and declared effective by the SEC on June
1, 2020. A prospectus supplement and the accompanying prospectus
relating to and describing the terms of the offering was filed with
the SEC and is available on the SEC's website at www.sec.gov.
Copies of the prospectus supplement and the accompanying prospectus
relating to the offering may also be obtained by contacting Roth
Capital Partners, LLC, 888 San Clemente Drive, Newport Beach,
California 92660, by calling (800) 678-9147 or by e-mail at
rothecm@roth.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
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 pre-clinical nucleic acid-based
therapeutic drug candidates.
Visit adnas.com for more information. Follow us on Twitter and
LinkedIn. Join our mailing list.
The Company’s common stock is listed on NASDAQ under ticker
symbol ‘APDN’, and its publicly traded warrants are listed on OTC
under ticker symbol ‘APPDW’.
Applied DNA is a member of the Russell Microcap® Index.
Forward-Looking Statements
The statements made by Applied DNA in this press release may be
“forward-looking” in nature within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Forward-looking statements in this press release are subject
to a number of risks and uncertainties, including, but not limited
to market and other conditions and the intended use of net proceeds
from the offering. 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.
Actual results could differ materially from those projected due to
its history of net losses, limited financial resources, limited
market acceptance, the possibility that its assay kit could become
obsolete or have its utility diminished, the uncertainties inherent
in research and development, future clinical data and analysis,
including whether any of Applied DNA’s or its partner’s diagnostic
or therapeutic candidates will advance further in the preclinical
research or clinical trial process, including receiving clearance
from the U.S. Food and Drug Administration (U.S. FDA) 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, the unknown outcome
of any applications or requests to U.S. FDA, equivalent foreign
regulatory agencies and/or the New York State Department of Health,
the unknown limited duration of any Emergency Use Authorization
(EUA) approval from U.S. FDA, changes in guidances promulgated by
the CDC, U.S. FDA and/or CMS relating to COVID-19 surveillance and
diagnostic testing, disruptions in the supply of raw materials and
supplies, 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 17, 2020, 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 or 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/20210113005722/en/
Investor contact: Sanjay M. Hurry, Applied DNA Sciences,
917-733-5573, sanjay.hurry@adnas.com Web: www.adnas.com
Twitter: @APDN
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