An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Applied DNA Awarded Extension of Health Services Contract with The City University of New York
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Applied DNA Sciences (NASDAQ: APDN) has secured a 12-month extension of its health services contract with The City University of New York (CUNY) for COVID-19 testing and vaccine policy management, running through July 2023. This contract, operational since August 2021, utilizes the safeCircle™ platform to manage health services for over 300,000 individuals across CUNY's 25 campuses, amidst rising COVID-19 variant positivity rates. The partnership is expected to mitigate risks as the academic year progresses, highlighting ADCL's effective testing and management services.
Positive
12-month contract extension with CUNY, enhancing service continuity.
Strong revenue generation from COVID-19 testing, contributing to record fiscal performance.
Negative
Dependence on COVID-19 contracts increases vulnerability to pandemic-related fluctuations.
Ongoing risks tied to emerging virus variants could impact service effectiveness.
- Period of Performance Extended Through July 2023 at Prior Terms -
- Recognizes safeCircle’s™ Superior Integrated COVID-19 Testing and Vaccine Policy Management with Rapid Results Reporting and Campus Access Control -
- Mitigates Risk in the New Academic Year Given Surge in Variant Positivity Rates -
STONY BROOK, N.Y.--(BUSINESS WIRE)--
Applied DNA Sciences, Inc. (NASDAQ: APDN) (the “Company”), a leader in polymerase chain reaction (“PCR”)-based technologies, today announced that The City University of New York (CUNY), the largest urban university in the United States, has extended its health services contract for COVID-19 testing and vaccine policy management with the Company’s wholly-owned clinical laboratory subsidiary, Applied DNA Clinical Labs, LLC (ADCL), for 12 months through July 2023 and at the prior contract terms. ADCL’s COVID-19 testing volumes, including the CUNY contract, fueled the Company’s record fiscal 2021 revenues and consecutive quarterly record revenues in the first half of fiscal 2022 ended March 31, 2022.
The contract has been successfully operational since August 2021. Through a partnership with Cleared4 software platform, ADCL provides a wide range of COVID-19 related health services to help CUNY mitigate COVID-19 associated risks. These services, which are provided to CUNY’s 25 campuses and covering 300,000+ students, employees, auxiliary workers, contractors and visitors, include: (i) high-throughput RT-PCR COVID-19 testing (weekly testing and a robust randomized testing program); (ii) vaccination policy and documentation management; and, (iii) facility access control.
“We commend the CUNY Board of Trustees for taking a forward-thinking approach to ensure the continued health and safety of all CUNY stakeholders while remaining committed to the promise and value of in-person learning. As New York City grapples with a resurgence of infections fueled by the Omicron BA.5 subvariant that can potentially elude rapid test detection and more easily reinfect people, including those who have been vaccinated, boosted and/or previously infected, our ability to deliver rapid PCR-based results with actionable reporting and access management for safeCircle clients remains a standout,” stated Dr. James A. Hayward, president and CEO of Applied DNA. “Given our infrastructure and client concentration in New York City, we are pleased to continue servicing CUNY while we expand our test offering and services.”
About safeCircle™
safeCircle is a fully integrated health testing platform that offers a customized suite of services to institutions and their personnel/members that encompasses: program design, RT-PCR and rapid antigen testing, sample kit distribution and collection, test site management, results reporting to individuals and program administrators, facilities access management, variant tracking, and vaccination documentation management.
Applied DNA Sciences is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("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, limited market acceptance, the possibility that Applied DNA's assay kits or testing services could become obsolete or have their utility diminished and the unknown amount of revenues and profits that will results from Applied DNA's testing contracts. Further, the uncertainties inherent in research and development, future data and analysis, including whether any of Applied DNA's or its partner's future diagnostic candidates will advance further in the research process or receiving authorization, clearance or approval from the FDA, equivalent foreign regulatory agencies and/or the New York State Department of Health (NYSDOH), and whether and when, if at all, they will receive final authorization, clearance or approval from the FDA, equivalent foreign regulatory agencies and/or NYSDOH, the unknown outcome of any applications or requests to FDA, equivalent foreign regulatory agencies and/or the NYSDOH, the unknown limited duration of any EUAs from the FDA, changes in guidance promulgated by the CDC, FDA, CMS an/or NYSDOH relating to COVID-19 testing, disruptions in the supply of raw materials and supplies, continued mutations of the SARS-CoV-2 virus, shifting review priorities of FDA for COVID-19 EUA requests and when, if at all, any EUA request will be reviewed by FDA, 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 9, 2021, its Quarterly Report on Form 10-Q filed on February 10, 2022, and May 12, 2022, 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.
What is the significance of the contract extension between Applied DNA Sciences and CUNY?
The contract extension is significant as it ensures continued provision of COVID-19 testing and vaccine policy management services to CUNY, impacting over 300,000 stakeholders.
How does Applied DNA's safeCircle™ platform contribute to COVID-19 management for CUNY?
The safeCircle™ platform provides integrated health services including testing, vaccination management, and access control, aiding CUNY in mitigating COVID-19 risks.
What financial impacts could the CUNY contract have for Applied DNA Sciences?
The CUNY contract is expected to sustain and potentially boost revenues, having previously contributed to record fiscal results for the company.
When does the CUNY contract with Applied DNA Sciences expire?
The CUNY contract expires in July 2023.
What are the potential risks for Applied DNA Sciences associated with the CUNY contract?
Potential risks include reliance on pandemic-driven contracts and possible disruptions caused by new COVID-19 variants affecting testing efficacy.
