43° Good Afternoon
43° Good Afternoon

Stony Brook DNA company raises capital

Applied DNA work

Applied DNA work Credit: Applied DNA

Applied DNA Sciences Inc. of Stony Brook has raised $350,000 in capital by issuing short-term debt that can be converted to company stock, federal regulatory documents show.

Applied DNA makes and sells genetic markers as anti-counterfeiting tools.

Securities and Exchange Commission filings show the company sold the $350,000 in secured notes on Nov. 19. The filings indicate the company is seeking to raise as much as $3 million overall.

The notes, which are due and payable on Nov. 19, 2011, can be converted to company stock at a 20 percent discount.

Applied DNA products are used in special dye packs in the United Kingdom that can help trace stolen cash back to robbers.

Its DNA markers are also used to mark luxury goods; and as secure identifiers on microchips for security-sensitive manufacturers, to ensure that foreign-made knockoffs aren't introduced into the manufacturing process.

Read more of Inside Long Island Business


We're revamping our Comments section. Learn more and share your input.

More news