Applied DNA Sciences Inc., a provider of DNA-based security solutions, today announced the closing of a $5.0 million institutional round of financing through a private placement sale of its common stock.
In recent months, Applied DNA’s business strategy was to enhance its product line and attract new employees, customers and partners, which resulted in growing demand for the company’s solutions and a subsequent increase in revenues. The additional capital will be used to fully utilize the company’s market opportunities and to leverage continued company growth and development.
“Raising our first round of institutional capital in this economic environment is a true testament to the hard work of our team,” Dr. James Hayward, president and CEO of Applied DNA stated in the press release. “In a time of extraordinary market pressure, we are steadily growing and redefining what customers expect from security technology solutions.”
With the closing of this round, Gerald Catenacci of Neustrada Capital, one of two investors contributing a majority of the funding, will join the company’s board of directors within 30 days after closing this round of financing.
“[Applied DNA] is well poised to dominate the demand for source authentication,” Catenacci stated. “We are confident the company will continue to add key accounts, satisfy marquee customers, and integrate technologies into multiple industry verticals.”
John Bitzer, III of Abarta, the other majority investor, will also join the Applied DNA’s board, and voiced his confidence in the company’s ability to continue to grow its value.
“Abarta welcomed the opportunity to add to its current investment in [Applied DNA] because we believe that this funding will allow [Applied DNA] to build on its tremendous momentum and secure its place at the forefront of security solutions companies,” Bitzer stated.
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