Applied DNA Sciences Inc (NASDAQ:APDN) shares dipped 2.63% on Friday to $1.85 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $1.73 to $3.74. The company has a market cap of $47.47 million at 26.35 million shares outstanding.
Applied DNA Sciences Inc is a company that provides plant-based deoxyribonucleic acid security, and authentication solutions and services that help protect products, brands, supply chains and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. It is also engaged in the production of specific DNA sequences using the polymerase chain reaction. Its product solutionsare SigNature DNA, SigNature T DNA, fiberTyping, DNAnet, Sentry, digitalDNA and SmokeCloak DNA which are used in various industries.
Last October 2016, Applied DNA Sciences appointed Robert B. Catell to its Board of Directors to assist in the company’s expansion into the protection of critical infrastructure in power grids and railways. Prior to this, the company also appointed Bob Miglani as Chief of Business Development to focus on building the company’s business within the FDA-regulated markets. In its latest update, Applied DNA Sciences announced that Dr. Mehmood Khan, PepsiCo’s Vice Chairman and Chief Scientific Officer, Global Research and Development, has joined the Company’s Strategic Advisory Board.
We are thrilled to have Dr. Khan’s keen scientific insight and robust commercial experience to help us grow our business in new and growing markets. His decades of involvement in the global food, beverage and pharmaceutical industries, as well as his depth of scientific innovation experience, are a perfect complement to Applied DNA as we expand our core vertical markets. With Dr. Khan’s appointment to the FFAR, and its engagement with both the National Science Foundation and the U.S. Department of Agriculture, Applied DNA hopes to optimize their benefits to American agronomy and to the world in general. We are honored to have him join our SAB,” cited Applied DNA Sciences CEO James Hayward.
Dr. Khan is in charge of PepsiCo’s research and development efforts, creating breakthrough innovations in food and beverage product development, delivery, packaging and production technology while also overseeing the company’s global Performance with Purpose agenda, which is focused on improving health and wellbeing through the products it sells. He was also recently appointed Vice Chair of the US Council for Competitiveness and joined the Board of the Foundation for Food and Agriculture Research at the USDA.
Authentication and traceability across complex global supply chains is a critically important priority worldwide. Applied DNA is doing exciting work designed to create innovative solutions that make supply chains more secure. I am honored to join their Strategic Advisory Board and look forward to contributing to their ongoing efforts to protect the integrity of supply chains across industries,” Dr. Khan remarked.
However, a look at the daily chart of Applied DNA Sciences stock suggests that it has to accomplish more in order to pull up from its current downtrend. Investor interest has picked up since December but hasn’t been enough to push price past the nearby $2.00 resistance level, which could be an early signal of a reversal from the slide.
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