Applied DNA Acquires RNA Polymerase Developer Spindle Biotech For $0.6M Cash, 0.8M Restricted Shares And Earnout; Launches LineaIVT Platform To Substantially Improve mRNA Manufacturing And Broaden Market Reach
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Applied DNA Sciences, Inc. (NASDAQ:APDN) has acquired Spindle Biotech Inc., a private biotech company developing next-generation RNA manufacturing technologies. The acquisition cost was $625,000 cash, 750,000 restricted shares of APDN common stock, and up to 1.0 million shares of APDN common stock upon the satisfaction of certain commercialization and revenue milestones. The deal also includes a 10-year revenue share based on the net sales generated by the LineaIVT platform.
July 13, 2023 | 11:21 am
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Applied DNA Sciences has acquired Spindle Biotech, which could potentially enhance its RNA manufacturing capabilities and broaden its market reach.
The acquisition of Spindle Biotech by Applied DNA Sciences could potentially enhance the company's capabilities in RNA manufacturing technologies. This could lead to increased revenues and market reach, which could positively impact the company's stock price in the short term.
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