Applied Dna Scie Stock Price, News & Analysis

Applied DNA Sciences reported a 155% revenue increase to $1.6 million for Q1 2021, driven by demand for its COVID-19 testing services, particularly safeCircle™ and the Assay Kit. The company anticipates continued growth due to new client acquisitions and ongoing orders. However, operating expenses rose to $4.3 million, primarily due to increased payroll and stock-based compensation. The net loss applicable to common stockholders was $4.8 million, or $0.88 per share. As of January 31, 2021, cash and equivalents were approximately $16.5 million following a registered direct offering.

Applied DNA Sciences (NASDAQ: APDN) and Cytocheck Laboratory reported the first identification of the SARS-CoV-2 UK variant (B.1.1.7) in Kansas on February 3, 2021. The identification utilized Applied DNA's Linea™ COVID-19 Assay Kit, which screens for specific mutations associated with increased transmissibility. This advancement highlights a growing need for genomic surveillance in the U.S. to monitor variant spread effectively. The assay kit enhances the testing workflow of Cytocheck, which services multiple states, signaling its potential impact on public health responses.

Applied DNA Sciences, Inc. (NASDAQ: APDN) will announce its fiscal 2021 first quarter financial results on February 11, 2021, after the market closes. A conference call and webcast led by CEO Dr. James A. Hayward, CFO Beth Jantzen, and COO Judith Murrah will follow at 4:30 p.m. ET. The webcast and PowerPoint presentation will be accessible on the company’s website and archived for future viewing. The company specializes in molecular technologies for supply chain security, anti-counterfeiting, and product genotyping.

Applied DNA Sciences (NASDAQ: APDN) has announced the qualification of a lyophilized form of its LinearDNA™ COVID-19 vaccine candidate for feline clinical trials. This freeze-dried formulation enhances shelf stability and simplifies global shipping. The company has manufactured and shipped samples to EvviVax for final preclinical testing, with plans to initiate trials by March 31, 2021. The goal is to evaluate the vaccine's effectiveness in preventing SARS-CoV-2 infections in domestic cats, potentially mitigating transmission risks to humans. Successful trials may lead to a USDA conditional license.

TruTrace Technologies (CSE: TTT) has signed a definitive alliance with Applied DNA Sciences (NASDAQ: APDN) to develop a comprehensive cannabis product validation platform. Combining TruTrace’s StrainSecure™ with Applied DNA’s CertainT® system enables enhanced product authentication and end-to-end traceability through blockchain and molecular tagging. The agreement facilitates mutual referrals and technology integration, enhancing the security of cannabis supply chains. Notably, Shoppers Drug Mart employs TruTrace's platform for its medical cannabis program, underscoring its industry relevance.

Applied DNA Sciences (NASDAQ: APDN) and TruTrace Technologies (CSE: TTT) have formed a strategic alliance to implement a blockchain-based solution for the cannabis industry. The agreement integrates Applied DNA’s CertainT platform with TruTrace’s StrainSecure™ platform, enhancing product validation and authentication. This collaboration aims to ensure end-to-end traceability and transparency, offering significant advantages to consumers and brands against counterfeiting. The partnership also establishes a mutual referral system to capitalize on joint opportunities.

Applied DNA Sciences, Inc. (NASDAQ: APDN) has promoted Judith Murrah from Chief Information Officer to Chief Operating Officer. This position formalizes her growing responsibilities in customer relations, QA oversight, and operations management. Ms. Murrah has played a crucial role in expanding COVID-19 testing and implementing Current Good Manufacturing Practices at LineaRx. With a strong background in technology leadership, Ms. Murrah aims to support the company’s growth in nucleic acid-based therapeutics using its PCR-based LinearDNA™ platform.

Applied DNA Sciences (NASDAQ: APDN) announced that its Linea™ COVID-19 Assay Kit successfully identified COVID-19 variants, including the U.K. variant B.1.1.7, via S-gene dropout. This detection is part of the Company’s safeCircle™ pooled surveillance testing service. The Assay Kit received FDA EUA for identifying SARS-CoV-2 in various respiratory specimens. The Company emphasizes the importance of utilizing its Assay Kit for early detection of new variants to aid in controlling COVID-19 spread. The testing method showcases a multi-target design, maintaining sensitivity even for variant-infected samples.

Applied DNA Sciences, Inc. (NASDAQ:APDN) reports a 158% increase in daily average tests for its safeCircle™ pooled surveillance testing service in January 2021 compared to December 2020, due to expanding contracts and new clients.

The Company plans to scale up production of its Linea™ COVID-19 Assay Kit in response to increased demand and recent FDA alerts highlighting its diagnostic capabilities for SARS-CoV-2 mutations. With 33 clients, including educational institutions and local governments, Applied DNA expects to enhance revenue through its CLEARED4 partnership, streamlining COVID-19 testing solutions.