Applied DNA Secures $1.0+ Million in COVID-19 Surveillance Testing Annualized Revenue, Builds Sales Pipeline for Test Kit and Testing-as-a-Service
– Announces Completion of Initial New York State Department of Health Inspection of Clinical Lab Subsidiary –
Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA” or the “Company”), a leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing that enables in vitro diagnostics, pre-clinical nucleic acid-based therapeutic drug candidates, supply chain security, anti-counterfeiting, and anti-theft technology, announced that Applied DNA Clinical Laboratories, LLC (“ADCL”), its wholly-owned subsidiary, has secured COVID-19 surveillance testing contracts under its testing-as-a-service (“TaaS”) offering that are estimated to generate more than $1.0 million in total annualized revenue beginning October 1, 2020. The Company’s surveillance testing revenue expectation is contingent on full-term participation by TaaS customers, including:
Private schools based in Long-Island, N.Y., including Harbor Country Day School. Education customers comprise the bulk of the Company’s current testing volume;
Several New York State-based small enterprises and private clients.
Unlike diagnostic testing, which looks for the occurrence of COVID-19