Applied DNA Sciences in Stony Brook begins trading on Nasdaq

Applied DNA Sciences Inc., a Stony Brook-based company that makes anti-counterfeiting products using plant DNA, has listed its stock and warrants on the Nasdaq Market, where they began trading Monday.

The company also announced a public offering Monday, issuing 2.8 million shares of stock at $3.24 per share. Proceeds to Applied DNA from the offering are estimated at $9.1 million before expenses.

James A. Hayward, president and CEO of the company, said Monday in an interview that the public offering will, along with Applied DNA's "collection of technologies," allow the biotech company to generate greater revenue.

Shares of Applied DNA closed Monday on the Nasdaq Market at $2.75, down $1.11 from their closing price Friday on the OTCQB, a market for small or early-stage companies.

In October the company announced a one for 60 reverse stock split to reduce the number of its outstanding common shares from more than 800 million to about 13.9 million, to make Applied DNA eligible to be listed on the Nasdaq.

Applied DNA was recently recognized by Popular Science for its development of SmokeCloak DNA, a security system that releases a dense DNA-infused vapor into the air after a break-in to help police officials identify criminals. The system builds on the company's development of other products that use plant DNA to create unique markers of identification for commercial and military use.

For more than a decade, however, Applied DNA has struggled to turn a profit despite interest from both the public and private sectors in its anti-counterfeiting products. During the first nine months of fiscal 2014, the company lost $10.96 million on revenue of $2.08 million.

Chief financial officer Karol Kain Gray said Monday the company has raised between $40 million and $50 million in capital through public offerings of stock and warrants over the past five years.