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Applied DNA Announces New York State Award Valued at Up To $1.5 Million to Support Establishment of cGMP linearDNA™ Production Capacity on Long Island, New York
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Applied DNA Sciences (NASDAQ: APDN) has received a funding award of up to $1.5 million from New York State's Empire State Development agency. This award, part of the Excelsior Jobs Program, is designed to promote net new job creation through refundable employee tax credits over a period of up to 10 years. The funds will aid in the development of cGMP linearDNA™ for genetic medicine manufacturing. This initiative is part of Applied DNA's ongoing commitment to advance its PCR-based DNA technologies.
Governor Kathy Hochul supports this effort as it strengthens the local life sciences sector.
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Received an award of up to $1.5 million to support job creation and development of cGMP linearDNA™.
Funding is aimed at enhancing the company’s capabilities in producing genetic medicines.
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- Award Supports Innovation and Growth of Local Life Sciences Industry -
STONY BROOK, N.Y.--(BUSINESS WIRE)--
Applied DNA Sciences, Inc. (NASDAQ: APDN) (the “Company”), a leader in PCR-based DNA technologies, today announced the receipt of an up to $1.5 million award from New York State’s Empire State Development (ESD) agency. The award is provided by ESD under the Excelsior Jobs Program for qualifying net new job creation as refundable employee tax credits claimed over a benefit period of up to 10 years. It will be used by Applied DNA to support the ongoing development and establishment of the enzymatic production of cGMP linearDNA™ for use in the manufacture of genetic medicines.
Applied DNA Sciences is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid (“DNA”). Using PCR to enable both the production and detection of DNA, we operate in three primary business markets: (i) the manufacture of DNA for use in nucleic acid-based therapeutics; (ii) the detection of DNA in molecular diagnostics testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services.
The Company’s common stock is listed on NASDAQ under the ticker symbol ‘APDN,’ and its publicly traded warrants are listed on OTC under the ticker symbol ‘APPDW.’
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 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, unknown future demand for its biotherapeutics products and services, the unknown amount of revenues and profits that will result from any linearDNA-based therapeutic, whether any of Applied DNA’s or its customers therapeutic candidates will advance further in the preclinical research or clinical trial process, including receiving clearance from the U.S. Food and Drug Administration (FDA), the U.S. Department of Agriculture (USDA) or equivalent foreign regulatory agencies to conduct clinical trials and whether and when, if at all, they will receive final approval as therapeutic products from the FDA, the USDA or equivalent foreign regulatory agencies, the fact that there has never been a commercial drug product utilizing PCR-produced DNA technology approved for therapeutic use, the unpredictable hiring needs associated with its establishment of cGMP manufacturing and whether, if at all, it will be entitled to claim the full benefit of the ESD award, and various other factors detailed from time to time in Applied DNA’s SEC reports and filings, including its Annual Report on Form 10-K filed on December 14, 2022, as amended, its 10-Q filed on February 9, 2023, and other reports it files 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.
