Applied DNA Sciences, Inc. acquired Spindle Biotech Inc. for $2.8 million.
July 12, 2023
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Applied DNA Sciences, Inc. (NasdaqCM:APDN) acquired Spindle Biotech Inc. for $2.8 million on July 12, 2023. Under the terms of the stock purchase agreement entered into among Applied DNA, Spindle, and the former shareholders of Spindle, Applied DNA acquired all outstanding shares in Toronto-based Spindle for an upfront purchase consideration of $0.625 million cash, as adjusted for debt and transaction expenses, and 750,000 shares of restricted common stock subject to a 6-month lockup period, in addition to future contingent consideration of up to 1.0M shares, 250,000 shares of which will be issued upon the issuance of a patent for the Spindle RNA polymerase, and 750,000 shares of which will be issued in three equal tranches upon the achievement of aggregate gross sales milestones at $5.0M per tranche. Spindle Biotech Chief Executive Officer Aaron Chung joins Applied DNA as Director, Nucleic Acid Platforms.
Applied DNA Sciences, Inc. (NasdaqCM:APDN) completed the acquisition of Spindle Biotech Inc. on July 12, 2023.
Applied DNA Sciences, Inc. is a biotechnology company that develops, and markets deoxyribonucleic acid (DNA) based technology solutions. The Company is utilizing its LinearDNA large-scale polymerase chain reaction (PCR) based manufacturing platform. The Companyâs proprietary platform produces large quantities of DNA for use in the nucleic acid-based in vitro diagnostics and preclinical nucleic-acid based drug development and manufacturing markets and for supply chain security, anti-counterfeiting and anti-theft technology purposes. It also develops PCR-based molecular in vitro diagnostics for covid-19. In addition, under its wholly owned subsidiary, Applied DNA Clinical Labs, LLC, the Company is offering a high-throughput turnkey solution for population-scale Covid-19 testing marketed as safeCircle. safeCircle utilizes the Companyâs Covid-19 Diagnostic Tests and is designed to look for infection within defined populations or communities utilizing high throughput testing methodologies.