U.S. Defense Logistics Agency Exercises 1-Year Option Period in Applied DNA Counterfeit Mitigation Contract

Rhea-AI Summary

Applied DNA Sciences, Inc. (NASDAQ:APDN) announced that the U.S. Defense Logistics Agency (DLA) has exercised the first one-year option period of a three-year base contract with two one-year option periods. This contract, initially entered in May 2021, supports DLA's counterfeit mitigation initiatives and product verification programs for FSC 5962 microcircuits. The contract has a maximal value of $1.04 million over a potential five-year term.

This extension continues Applied DNA's support of DLA's counterfeit mitigation program, which has been ongoing since 2014. The company's forensic DNA mark serves as a secure, high-resolution taggant to track provenance and ensure authenticity in defense-related microcircuits.

Positive

• DLA exercised the first one-year option period, indicating continued trust in Applied DNA's services
• The contract has a potential value of $1.04 million over five years
• Continuation of a long-standing relationship with DLA since 2014

Negative

• None.

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On the day this news was published, APDN declined 4.23%, reflecting a moderate negative market reaction.

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STONY BROOK, NY / ACCESSWIRE / July 18, 2024 / Applied DNA Sciences, Inc. (NASDAQ:APDN) (Applied DNA), a leader in PCR-based DNA technologies, today announced that the U.S. Defense Logistics Agency (DLA) exercised the first one-year option period of a three-year base contract with two one-year option periods entered into in May 2021. The contract supports DLA's counterfeit mitigation initiatives and product verification and testing programs specific to FSC 5962 microcircuits. The maximal value of the indefinite delivery contract is $1.04 million over an up to five-year performance term. The option-year exercise continues Applied DNA's support of DLA's counterfeit mitigation program, which has been running since 2014.

"We are pleased to enable DLA to maintain program continuity in service of the nation's defense capabilities and further reinforce the application of our forensic DNA mark as a secure, high-resolution taggant to track provenance and ensure authenticity," said Judy Murrah, chief operating officer of Applied DNA.

About Applied DNA Sciences

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 enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and, through our recent acquisition of Spindle Biotech, Inc. ("Spindle"), the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services.

Visit adnas.com for more information. Follow us on X and LinkedIn. Join our mailing list.

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, the unknown future demand by the U.S. Defense Logistics Agency for its supply chain traceability service, 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, as amended, filed on December 7, 2023 and Quarterly Report on Form 10-Q filed on February 8, 2024, and May 10, 2024, 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.

Contacts:

Applied DNA Sciences
Investor Relations contact: Sanjay M. Hurry, 917-733-5573, sanjay.hurry@adnas.com
Web: www.adnas.com
Twitter: @APDN

SOURCE: Applied DNA Sciences, Inc.

View the original press release on accesswire.com

FAQ

What is the value of Applied DNA's contract with the U.S. Defense Logistics Agency (DLA)?

The contract with DLA has a maximal value of $1.04 million over a potential five-year performance term.

What services does Applied DNA (APDN) provide to the Defense Logistics Agency?

Applied DNA supports DLA's counterfeit mitigation initiatives and product verification and testing programs specific to FSC 5962 microcircuits using their forensic DNA marking technology.

When did Applied DNA (APDN) start working with the Defense Logistics Agency on counterfeit mitigation?

Applied DNA has been supporting DLA's counterfeit mitigation program since 2014.

What is the duration of Applied DNA's (APDN) current contract with the Defense Logistics Agency?

The current contract has a three-year base period with two one-year option periods, potentially extending to five years in total.