Applied DNA Sciences Announces Closing of Upsized $12.0 Million Underwritten Public Offering

Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA” or the “Company”) a leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing for product authenticity, traceability solutions and nucleic acid-based biotherapeutic research, today announced the closing of its previously announced underwritten public offering of 2,285,000 shares of common stock and warrants to purchase up to an aggregate of 2,285,000 shares of common stock. Each share of common stock was sold together with one warrant to purchase one share of common stock at a combined effective price to the public of $5.25 per share and accompanying warrant. Gross proceeds, before underwriting discounts and commissions and estimated offering expenses, were approximately $12.0 million, not including any amounts received upon exercise of the warrants.

The warrants are immediately exercisable at a price of $5.25 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying warrants were sold together in the offering, but were issued separately.

Maxim Group LLC acted as the book-running manager and Joseph Gunnar & Co. LLC acted as a co-manager in connection with the offering.

Applied DNA has granted the underwriters a 45-day option to purchase up to an additional 342,750 shares of common stock and/or warrants to purchase up to 342,750 shares of common stock, at the public offering price less discounts and commissions.

The offering was conducted pursuant to the Company's registration statement on Form S-1 (File No. 333-233830), as amended, previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") on November 13, 2019 as well as the Company’s subsequent registration statement on Form S-1 (File No. 333-234664), which became effective on November 13, 2019. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at [phone].