NEW YORK, Feb. 15 (GenomeWeb News) - Applied DNA Sciences has raised $7.36 million from a Dec. 30, 2004, stock offering, the Los Angeles-based company said today.
The majority of the funds will be used to "vigorously accelerate" marketing, sales, and distribution programs for the company's DNA-based security products, Applied DNA Sciences said in a statement. The company also said that it will use a portion of the funding to establish a US-based laboratory to produce the security products.
Applied DNA Sciences has raised a total of just over $10 million in venture capital, according to a company spokesperson. In addition, he said that Taiwanese company Biowell has spent approximately $10 million to create the DNA security technology, to which Applied DNA Sciences is in the process of acquiring all rights, title, and interest.