Stony Brook biotech company gets $5M financing
James Hayward, chief executive of Applied DNA Sciences Inc. in Stony Brook. (April 25, 2011) Credit: Newsday/Thomas A. Ferrara
Shares of Stony Brook-based Applied DNA Sciences Inc., a maker of genetic anti-counterfeiting devices, rose 7 percent Tuesday morning on news that it has made a private sale of $5 million of its own shares in an institutional round of financing.
The news sent Applied DNA's stock -- a penny stock that trades over the counter -- from $.06 to $.07 a share, with volume of 1.4 million shares; its average volume over the past few months has been just over 500,000. The stock, which had a high point of $3.55 in 2004, has mostly traded below a dime a share in recent years.
"The company's revenues have grown, while its contracts have diversified," the company said in a news release.
"In order to support this growing demand, the management at Applied DNA Sciences believed this was an opportune time to secure additional capital."
The company will use the money to expand on its recent acquisitions of new employees, new customers and new partners, Applied DNA said.
Photo: James A. Hayward, chief executive of Applied DNA Sciences Inc. in Stony Brook.
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