Funds to be Used for Manufacturing Capacity Expansion of Commercially Available Testing Kit and to Support Pathway to Production of Vaccine Candidate(s) for Clinical Trials
STONY BROOK, N.Y. – June 9, 2020 – Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA” or the “Company,” “our”) announced today it secured a $40,000 economic development grant from National Grid to support the Company’s efforts associated with the manufacture of COVID-19-related therapeutics and diagnostics programs. National Grid is one of the largest investor-owned energy companies in the U.S. and serves more than 20 million customers throughout New York, Massachusetts, and Rhode Island.
National Grid’s grants focus on supporting businesses that make critical products for healthcare providers, governments, and other community organizations to navigate through the COVID-19 pandemic. National Grid collaborates with New York State Manufacturing Extension Partnership centers to evaluate business need and offer funding of up to $40,000 to reimburse recipients for costs associated with the transition, upgrade, and implementation of lean manufacturing principles at their existing facilities in the fight against COVID-19.
“We are grateful for National Grid and New York State’s focus on the Long Island community in this time of crisis. This funding will be used to increase our capacity to deliver quantities of our RT-PCR test for COVID-19 that was recently approved under Emergency Use Authorization by the FDA for clinical use, and to support the pathway toward human trials of selected vaccine candidates we have jointly developed with Takis Biotech” said Dr. James Hayward, president and CEO at Applied DNA. “Our orchestrated approach to our development programs aimed at vanquishing COVID-19 we believe is unique, and we share a deep motivation as fellow Long Islanders to support local communities and governments, that are working tirelessly to manage within the pandemic.”
More information on the National Grid grant program is on its website at www.shovelready.com. More information about Applied DNA’s COVID-19 programs are on the Company’s website at www.adnas.com.
About Applied DNA Sciences, Inc.
Applied DNA is a provider of molecular technologies that enable supply chain security, anti-counterfeiting and anti-theft technology, product genotyping, diagnostics and pre-clinical nucleic acid-based therapeutic drug candidates.
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’.
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 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 the possibility of a failure to make timely payment on its outstanding secured convertible notes and resulting enforcement by noteholders of remedies on collateral which includes substantially all of Applied DNA’s assets, its history of net losses, limited financial resources, limited market acceptance, the uncertainties inherent in research and development, future clinical data and analysis, including whether any of Applied DNA’s or its partners 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 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 to U.S. FDA or equivalent foreign regulatory agencies, the unknown duration of an EUA approval, disruptions in the supply of raw material 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 12, 2019 and our subsequent quarterly report on Form 10-Q filed on February 6, 2020 and May 14, 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.
Sanjay M. Hurry
LHA Investor Relations