Applied DNA gets $7.5M in financing
Applied DNA Sciences Inc., a Stony Brook company that for years has struggled to turn a profit while developing anti-counterfeiting products with strands of DNA, said it has secured $7.5 million in financing.
The investment from Crede CG III Ltd., a money management firm, will allow Applied DNA Sciences to broaden its products line and hire more employees.
"We have built our recent successes on an ability to deliver high-security, high-quality solutions. As we grow, we intend to build on this momentum," Applied DNA Sciences chief executive and president James A. Hayward said.
Crede CG has offices in Los Angeles, Manhattan and Beijing. It invests in life science, health care and other small companies. The $7.5 million investment gives Crede CG a noncontrolling stake in Applied DNA, limited to a 9.9 percent ownership.
Applied DNA Sciences was founded in 2002 and has spent a decade using plant DNA to develop anti-counterfeiting stamps that can be embedded on microchips, military equipment, cash, rare bottles of wine and other items.
The company has lost $15 million over the past 12 months. Earlier this month, Applied DNA Sciences announced it had increased its staff to 48 people and moved to a larger facility on the campus of Stony Brook University.
Applied DNA stock slipped 6.8 percent Monday, to 17.7 cents.