Working with A&E to develop anti-counterfeiting sewing thread platform
US firm Applied DNA Sciences 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, personalised medicine and therapeutics. MeiLin Wan, vice president, textile sales, discusses counterfeiting, prospects of traceability solutions in Asia and the latest innovations at her company.
Q. Applied DNA Sciences is bringing CertainT platform to Asia. Do you see a growing demand for traceability solutions in Asia?
A. Asia is a very important market for textiles. Traceability, as we see it, can start at any point in the supply chain depending on the claim that you want to make. Simply put, if you claim it, you own it. That is why clients utilise our CertainT platform because of the forensic certainty it offers. It goes beyond the ‘generic’ taggants on the market that may be easily copied or used by another supplier. Asia has a problem with counterfeit products, and we believe that using a forensic molecular tag can also help mitigate the risk of counterfeits contaminating a supply chain, or help to keep track of original products that may be diverted into a gray market.
Company To Hold Conference Call and Webcast Today, Thursday, February 7, 2019 at 4:30 PM EST.
STONY BROOK, N.Y. February 7, 2019 – Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA” or the “Company”), announced financial results for the fiscal 2019 first quarter ended December 31, 2018.
“Our performance for the quarter reflects a consistent year-over-year foundation to our cotton business and continued execution under our multi-year contracts with the U.S. Department of Defense, as well as further progress made on our joint development agreements with partners in cannabis and pharmaceuticals,” said Dr. James A. Hayward, president and chief executive officer of Applied DNA. “During the quarter we saw the first CertainT®-certifiable synthetics home textiles products committed by retailers, a bellwether milestone for other manufacturers of CertainT synthetics in our pipeline. We also moved to refine our go-to-market and partnering strategy to drive tighter focus on select verticals and geographies.
“In our LineaRx subsidiary, we continued the development of linear DNA for nucleic acid-based therapies that have already shown promising early results in the field of adoptive T-cell therapy and nucleic-acid-based vaccine, and continued sponsored R&D on behalf of contract research customers. LineaRx customers are increasing in number and diversity and we are starting to see greater than typical dollar-value opportunities enter the pipeline,” continued Dr. Hayward. “In addition to its therapeutics work, subsequent to the close of the quarter, the Company received a purchase order in excess of $500,000 for linear DNA in diagnostics to be delivered over the next 12-18 months. We continue to make strong technical progress on our proprietary non-viral, plasmid-free CAR-T platform, with early promising results in the high-throughput transfection of human T-cells with linear DNA.”
“Subsequent to the close of the quarter, we announced two non-binding MOUs to enter the Asian supply chain market in Taiwan: with Sun Chemical Supply Co. Ltd (“Sun Chemical”) that offers us geographic and domain knowledge in selling and supporting textile manufacturers in China and other Asian countries; and with Tex-Ray Industrial Co., Ltd (“Tex-Ray”), a world-leading innovator and supply chain integrator in performance fibers and fabrics that gives us entrée to supply chains spanning three continents and serving global brands. To help shape the go-to-market strategy and business development efforts and to accelerate our sales cycle, we appointed Stephen Birkhold to our Strategic Advisory Board, who brings a long and stellar history in brand management to hone our strategy in this market.
Concluded Dr. Hayward, “In our cannabis and pharmaceutical businesses, we are progressing towards commercialization by putting in place the necessary operational and marketing infrastructure to enable our partners TheraCann and Colorcon to fully engage our respective, joint customer bases. In particular, our TheraCann partnership is positioning us at the forefront of a burgeoning industry, which we believe needs a safe and secure way to manage the legal cannabis supply chain. Our taggant technology is an integral component of TheraCann’s ETCH Biotrace seed-to-sale solution, and we believe we are well positioned to international markets.”
Fiscal First Quarter 2019 Financial Results:
Revenues increased 37% for the first quarter of fiscal 2019 to $884 thousand, compared with $648 thousand reported in the first quarter of fiscal 2018, and decreased 26% from the $1.2 million reported in the fourth fiscal quarter ended September 30, 2018. The year-over-year increase in revenues was due primarily to an increase in service revenues of $265 thousand. The increase in service revenue as compared to the same period in the prior fiscal year was the result of increases in our pharmaceuticals and nutraceutical market for pre-commercial pilots as well as an increase for our cannabis systems development and go-to-market initiative. The quarter-over-quarter decrease in revenues reflects a change in revenue recognition accounting standard for cotton DNA actually shipped at quantities roughly equal to last year, as detailed below.
Effective October 1, 2018, the Company was required to adopt Accounting Standards Update (ASU; the “Update”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), utilizing the modified retrospective method. Had the Company not adopted the Update, the Company would have recognized additional revenue of approximately $391,000 during the first quarter of fiscal 2019. This amount was primarily comprised of the recognition of $383,000 under a $1.15 million cotton order shipped in June 2018. The total cumulative impact of the Update that was recorded to opening retained earnings in fiscal 2019 was approximately $495,000. See Cumulative Effect Adjustment and the Impact on Current Period Financial Statements of Adopting Topic 606 attached.
Total operating expenses increased to $3.9 million for the first fiscal quarter of 2019, compared with $3.5 million in the prior fiscal year’s first quarter. This increase is primarily attributable to an increase in stock-based compensation expense.
Net loss for the quarter ended December 31, 2018 was $3.2 million, or $0.11 per share, compared with a net loss of $3.2 million, or $0.12 per share, for the quarter ended December 31, 2017 and a net loss of $3.5 million, or $0.12 per share for the quarter ended September 30, 2018.
Excluding non-cash expenses, Adjusted EBITDA was negative $2.6 million for the quarter ended December 31, 2018 and $2.8 million for the same quarter in the prior fiscal year.
Select Recent Operational Highlights:
In early February 2019, Applied DNA received a purchase order to ship over $500,000 of diagnostic DNA amplicon in partial shipments over the next 12-18 months.
On February 6, 2019, the Company announced that cannabis partner TheraCann International and Israeli Cannabis (“iCAN”) had in November 2018 signed a bilateral agreement that enabled iCAN to market TheraCann’s ETCH Biotrace solution that is based, in part, on Applied DNA’s CertainT® platform. This bilateral agreement potentially catalyzes the use of Applied DNA’s technology in exported Israeli cannabis.
On January 29, 2019, Applied DNA appointed Stephen Birkhold to its Strategic Advisory Board. Birkhold, a 30-year veteran of the fashion industry, will lead the development of a new sales, marketing and go-to-market strategy for the Company’s technology platform in the fashion and luxury apparel and accessory markets. Birkhold is the former CEO of several of the world’s most prominent apparel brands, including Bebe Stores, Lacoste, Diesel and Earl Jeans, along with achieving a 10-year tenure at VF Corporation working with Lee Jeans and Nautica Jeans.
On January 28, 2019, the Company announced the signing of a non-binding MOU with Taiwan-based Tex-Ray, a pioneer in performance fabric and smart clothing for modern active lifestyles. If a definitive agreement is entered into, Tex-Ray would facilitate the introduction of Applied DNA’s CertainT® authentication platform to its established supply chains in service of large global brands.
On January 24, 2019, Applied DNA announced the signing of an MOU with Taiwan-based Sun Chemical. If a definitive agreement is entered into, Sun would serve as a reseller of the Company’s CertainT authentication platform to textile manufacturers in Asia. Taiwan is today the world’s largest functional fabric production base accounting for approximately 50% of the global output value of performance fabrics.1
On December 26, 2018, the Company closed on a $2.75 million public offering of common stock and warrants. Subsequent to end of the first fiscal quarter, Maxim Group exercised its overallotment option that resulted in additional gross proceeds of approximately $250 thousand to Applied DNA.
On December 10, 2018, Applied DNA signed a joint development agreement with Everledger to develop and market a CertainT-enhanced, blockchain-based platform for provenance verification. The two companies believe this joint solution platform to be at the forefront of linking immutable digital transactions with synthetic molecular authentication to tightly track movement and chain of custody of forensically-identified goods across complex ecosystems.
On October 4, 2018, the Company announced the appointment of Wayne Buchen as Vice President of Strategic Sales to lead the Company’s global textile Strategic Sales efforts. With over 20 years of sales, sourcing and operations experience with established international brands, Mr. Buchen leads the development and execution of sales strategies to expand Applied DNA’s presence across global textile markets.
On September 18, 2018, Applied DNA announced the formation of LineaRx, whose purpose is to commercialize Applied DNA’s extensive experience in the design, manufacture and chemical modification of DNA by large scale polymerase chain reaction in the field of biotherapeutics, specifically gene and cellular therapies as well as vaccines. Management subsequently held an analyst day via webinar to address the potentially critical role the LineaRx platform can have in the future of gene therapy, vaccines and adoptive cell therapies.
Fiscal First Quarter 2019 Conference Call Information The Company will hold a conference call and webcast to discuss its fiscal first quarter-end 2019 results on Thursday, February 7, 2019 at 4:30 PM ET. To participate on the conference call, please follow the instructions below. While every attempt will be made to answer investors’ questions on the Q&A portion of the call, due to the large number of expected participants, not all questions may be answered.
To Participate:
Participant Toll Free:1-844-887-9402
Participant Toll: 1-412-317-6798
Please ask to be joined to the Applied DNA Sciences call
For those investors unable to attend the live call, a copy of the presentation is expected to be posted by end of business on February 8, 2019 and available under the ‘Events and Presentations’ section of the company’s Investor Relations web site: https://adnasprod.wpengine.com/adnas_home/investors/.
Information about Non-GAAP Financial Measures As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our condensed consolidated financial statements prepared and presented in accordance with GAAP, this earnings release includes Adjusted EBITDA, which is a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information presented in accordance with GAAP. We use this non-GAAP financial measure for internal financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our business by excluding non-cash expenses that may not be indicative of our recurring operating results. We believe this non-GAAP financial measure is useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.
“EBITDA”- is defined as earnings (loss) before interest expense, income tax expense and depreciation and amortization expense.
“Adjusted EBITDA”- is defined as EBITDA adjusted to exclude (i) stock-based compensation and (ii) other non-cash expenses.
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 and pre-clinical nucleic acid-based therapeutic drug candidates.
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.
Common stock listed on NASDAQ under the symbol APDN, and warrants are listed under the symbol APDNW.
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. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance 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 our subsequent quarterly report on Form 10-Q filed on February 7, 2019, 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.
APPLIED DNA SCIENCES, INC. CONSOLIDATED BALANCE SHEETS
December 31, 2018 (unaudited)
September 30, 2018
ASSETS
Current assets:
Cash and cash equivalents
3,137,844
1,659,564
Accounts receivable, net
614,764
1,485,938
Inventories
225,289
221,369
Prepaid expenses and other current assets
622,157
635,174
Total current assets
4,600,054
4,002,045
Property and equipment, net
369,130
419,774
Other assets:
Deposits
62,362
62,325
Goodwill
285,386
285,386
Intangible assets, net
831,845
864,203
Total Assets
6,148,777
5,633,733
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities
1,357,712
965,167
Deferred revenue
1,375,496
1,856,693
Total current liabilities
2,733,208
2,821,860
Long-term accrued liabilities
508,426
470,739
Secured convertible notes payable
2,141,122
1,586,631
Total liabilities
5,382,756
4,879,230
Commitments and contingencies
Stockholders’ Equity
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- shares issued and outstanding as of December 31, 2018 and September 30, 2018
–
–
Series A Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- issued and outstanding as of December 31, 2018 and September 30, 2018
–
–
Series B Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- issued and outstanding as of December 31, 2018 and September 30, 2018
–
–
Common stock, par value $0.001 per share; 500,000,000 shares authorized; 35,612,057 and 30,112,057 shares issued and outstanding as of December 31, 2018 and September 30, 2018, respectively
35,612
30,112
Additional paid in capital
251,837,589
249,090,474
Accumulated deficit
(251,107,180
(248,366,083)
Total stockholders’ equity
766,021
754,503
Total Liabilities and Stockholders’ Equity
6,148,777
5,633,733
APPLIED DNA SCIENCES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended December 31, 2018
Three Months Ended December 31, 2017
Three Months Ended September 30, 2018
Revenues:
Product revenues
$321,875
$350,133
$597,394
Service revenues
562,447
297,544
597,971
Total revenues
884,322
647,677
1,195,365
Cost of revenues
153,485
331,440
250,659
Operating expenses:
Selling, general and administrative
3,082,380
2,593,154
3,568,961
Research and development
709,564
740,067
716,693
Depreciation and amortization
135,052
157,648
124,452
Total operating expenses
3,926,996
3,490,869
4,410,106
LOSS FROM OPERATIONS
(3,196,159)
(3,174,632)
(3,465,400)
Other income (expense):
Interest (expense) income, net
(31,611)
–
–
Other (expense) income, net
(6,550)
(9,080)
(9,882)
Loss before provision for income taxes
(3,234,320)
(3,183,712)
(3,475,282)
Provision for income taxes
–
–
–
NET LOSS
$(3,234,320)
$(3,183,712)
$3,475,282
Net loss per share-basic and diluted
$(0.11)
$(0.12)
$(0.12)
Weighted average shares outstanding- Basic and diluted
30,470,753
26,674,340
30,112,057
APPLIED DNA SCIENCES, INC. CALCULATION AND RECONCILIATION OF ADJUSTED EBITDA (Unaudited)
Three Months Ended December 31,
2018
2017
Net Loss
$ (3,234,320)
$ (3,183,712)
Interest expense (income), net
31,611
–
Depreciation and amortization
135,052
157,648
Stock based compensation expense
490,244
231,113
Bad debt expense
(8,633)
–
Total non-cash items
648,274
388,761
Consolidated Adjusted EBITDA (loss)
$ (2,586,046)
$ (2,794,951)
APPLIED DNA SCIENCES, INC. CUMULATIVE EFFECT ADJUSTMENT AND THE IMPACT ON CURRENT PERIOD FINANCIAL STATEMENTS OF ADOPTING TOPIC 606 (unaudited)
Three months ended December 31, 2018 (unaudited) prior U.S. GAAP
Three months ended December 31, 2018 (unaudited) Topic 606 impact
Three months ended December 31, 2018 (unaudited) as reported
Israel Parliament Approval is Expected to Catalyze Export of Medical Cannabis; ETCH Biotrace Solution Positioned as Safe and Secure Means to Manage the Legal Supply Chain for Export
STONY BROOK, N.Y., February 6, 2019 – Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA” or the “Company”), a leader in large-scale PCR-based DNA manufacturing, announced today that two prior announcements by Israel Cannabis raise the opportunity for uptake of Applied DNA’s CertainT® Cannabis Tagging platform within the Israeli cannabis industry. Central to the opportunity are agreements previously signed between Applied DNA and TheraCann International Benchmark Corporation (“TheraCann”), and between TheraCann and Israel Cannabis (“iCAN”).
On November 1, 2018, iCAN announced the signing of a bilateral service agreement and strategic alliance with TheraCann. The agreement will allow iCAN to offer TheraCann’s (and hence, Applied DNA’s) technology to emerging markets in Europe, Africa and Asia, while allowing TheraCann clients access to iCAN’s technology pipeline and expertise.
“I’m excited to put TheraCann’s ETCH (Electronic Traceability for Cannabis and Hemp) biotrace technology in front of the Israeli government,” said Saul Kaye, Founder and CEO of iCAN. “The ability to use DNA to tag and trace cannabis at any point in the supply chain is the gold standard of diversion-control and IP-control.”
On December 26, 2018, iCAN announced the approval by the Israel Parliament, or the Knesset, of the exportation of medical cannabis.
Saul Kaye then included the following in his statement: “Israel’s expertise in the field extends from cultivation and processing to research and development. By law, Israeli companies will be subject to strict supervision and maintain high medical grade standards. Israel is perfectly positioned to enter and disrupt the medical cannabis market that is expected to soar to $33 billion dollars worldwide in the next 5 years. In Israel alone, we quickly expect over $1 billion in sales to countries interested in our products.”
The law provides a budget that allows the Interior Ministry and specifically the Israeli Police, to monitor, track and control the production and delivery of cannabis for export, and ensure there is no risk of leakage to the local illegal drug market. iCAN, through its partner TheraCann, has secured the technology that can power the police and Ministry of Health in Israel and provide complete transparency and tracking of every gram of cannabis both for export and the local market.
Dr. James Hayward, president and CEO of Applied DNA, stated today that: “In combination, these two announcements by iCAN identify one of the first opportunities for Applied DNA’s CertainT platform to be utilized in the international cannabis marketplace. We look forward to working with TheraCann to address new markets.”
About iCAN: Israel Cannabis iCAN is building the global cannabis ecosystem. iCAN identifies and accelerates innovative medical cannabis technologies and creates synergies and cooperation across the industry. iCAN uses its global network and reach to position Israel as the leading medical cannabis tech hub.For further information about iCAN, please visit www.israel-cannabis.com or contact: Laura Kam, laura@kamgs.com, +972-54-806-8613.
About TheraCann International Benchmark Corporation: Founded in 2004, TheraCann International Benchmark Corporation offers a one-stop, full-service solution for the International cannabis marketplace. TheraCann provides business, technology and industry experts who apply advanced technology and help clients design, build and run their cannabis businesses. Integrating nearly 3.5 million square feet of cannabis operations and the successful launch of groundbreaking Enterprise Resource Planning (ERP) software, Aeroponic cultivation systems and patented genetic tracking and diversion prevention systems, TheraCann provides cannabis-related businesses with solutions to fit their regulatory requirements.More information about TheraCann is available at www.theracanncorp.com. Follow us on Twitter or Linkedin.
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.
Common stock listed on NASDAQ under the symbol APDN, and warrants are listed under the symbol APDNW.
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. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance 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.
Investor contact: Sanjay M. Hurry, 212-838-3777, LHA Investor Relations, shurry@lhai.com media contact: John Shearman, 631-240-8838, john.shearman@adnas.com program contact: John Shearman, 631-240-8838, john.shearman@adnas.com Web: www.adnas.com Twitter: @APDN
Consumers rely on garment labels to reflect the true content and authenticity of the product. They want to know where their shirts come from, how it was made, and be able to follow the “geneology” of the shirt from the shirt from dirt to shirt…
Spanning the globe: Stony Brook-based Applied DNA Sciences continues its world tour with a new Memorandum of Understanding in Taiwan.
By GREGORY ZELLER
Look out, Asia – here comes Applied DNA Sciences.
Picking up where it left off at the end of a hyper-busy 2018 – in which it expanded its DNA-based supply-chain-authentication portfolio to include pharmaceuticals manufacturing in Pennsylvania, legalized marijuana distribution in Canada and a host of other supply chains in domestic and international markets – the Stony Brook-based biotech is sending its product-traceability solutions deep into to “the heart of Asia’s textiles industry.”
Molecular technologies specialist Applied DNA has signed a non-binding Memorandum of Understanding (MoU) with Taiwanese manufacturer Tex-Ray and will subsequently create a Centre of Excellence in the country to integrate Applied DNA’s CertainT product authentication platform in the development of new yarns, fabrics and finishes.
Applied DNA Sciences, a leader in PCR-based DNA manufacturing for product authenticity and traceability solutions, has announced the appointment of Stephen Birkhold to the company’s Strategic Advisory Board (SAB) and retention as a consultant to assist the company with market penetration in the fashion and luxury apparel and accessory markets.
“Steve’s expertise in fashion merchandising includes marketing, retail, wholesale, e-commerce and strategic positioning in a very competitive, fast-moving vertical that is a perfect fit for our technical platform. Together, we will help global brands to secure their position with forensic science,” said Wayne Buchen, Vice President of Strategic Sales for Textiles at Applied DNA Sciences.
Mr Birkhold is a 30-year veteran of the fashion industry and is the former CEO of several of the world’s most prominent apparel brands. He has a proven record of effective strategic management, leading globally recognised brands, and having served as the CEO of Bebe Stores, Lacoste, Diesel and Earl Jeans, along with a 10-year tenure at VF Corporation working with Lee Jeans and Nautica Jeans.
“Steve Birkhold is one of the most respected names in fashion. His expertise will help us bridge the strategic connection between our leading-edge technology and the supply chains and associated claims of contemporary fashion. His knowledge of the global business environment within the fashion world, and his entrée in the most recognised C-suites, will accelerate our go-to-market timeline,” commented Dr James Hayward, President and CEO of Applied DNA Sciences.
Branding Expert Will Help Deploy a Proven Textile Integrity Platform to the Fashion World
STONY BROOK, N.Y. (January 29, 2019) – Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA,” the “Company”), a leader in PCR-based DNA manufacturing for product authenticity and traceability solutions,announced today the appointment of Stephen Birkhold to the Company’s Strategic Advisory Board (“SAB”) and retention as a consultant to assist the Company with market penetration in the fashion and luxury apparel and accessory markets.
Mr. Birkhold is a 30-year veteran of the fashion industry and is the former CEO of several of the world’s most prominent apparel brands. He has a proven record of effective strategic management, leading globally recognized brands, and having served as the CEO of Bebe Stores, Lacoste, Diesel and Earl Jeans, along with a 10-year tenure at VF Corporation working with Lee Jeans and Nautica Jeans.
Dr. James Hayward, President and CEO of Applied DNA, said, “Steve Birkhold is one of the most respected names in fashion. His expertise will help us bridge the strategic connection between our leading-edge technology and the supply chains and associated claims of contemporary fashion. His knowledge of the global business environment within the fashion world, and his entrée in the most recognized C-suites, will accelerate our go-to-market timeline.”
Wayne Buchen, Vice President of Strategic Sales for Textiles at Applied DNA Sciences, added, “Steve’s expertise in fashion merchandising includes marketing, retail, wholesale, e-commerce and strategic positioning in a very competitive, fast-moving vertical that is a perfect fit for our technical platform. Together, we will help global brands to secure their position with forensic science.”
Under the terms of Mr. Birkhold’s consulting agreement, Mr. Birkhold will spearhead the development of a new sales, marketing and go-to-market strategy for the Company’s technology in the fashion and luxury apparel and accessory markets. Mr. Birkhold will leverage his substantial industry contacts to facilitate the introduction of the Company’s technology to the C-suite executives of well-known fashion and luxury apparel and accessory brands.
“By understanding a fashion brand’s business challenges, Applied DNA is uniquely qualified to secure their claims of sustainability, relevance to the circular economy, ethical sourcing and the veracity of fiber content,” said Mr. Birkhold. “I am delighted to join their world-class team, and to offer contemporary brands the tools to improve global trade in fashion.”
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.
Common stock listed on NASDAQ under the symbol APDN, and warrants are listed under the symbol APDNW.
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. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance 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.
