Applied DNA Sciences, Inc. (NASDAQ:APDN) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement.
On December 4, 2019, (the “Termination Date”), Applied DNA Sciences, Inc., a Delaware corporation (the “Company”), terminated its exclusive patent and know-how licensing and cooperation agreement (the “Agreement”), dated March 28, 2019, with ETCH BioTrace S.A., a wholly-owned subsidiary of TheraCann International Benchmark Corporation (“TheraCann”). The Company terminated the Agreement on the basis of TheraCann’s failure to pay in accordance with the terms of the Agreement.
As of the Termination Date, TheraCann shall no longer retain any rights to the licensed technology, and will have no obligation to make further payments to the Company to the Agreement. The Company is not subject to any termination penalties related to the termination of Agreement.
A description of the Agreement is incorporated by reference from the Form 8-K filed by the Company on April 3, 2019, and the description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which the Company filed as an exhibit to its Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2019.
About Applied DNA Sciences, Inc. (NASDAQ:APDN)
Applied DNA Sciences, Inc. is engaged in creating security solutions addressing the challenges of modern commerce. The Company is also engaged in the large-scale production of specific deoxyribonucleic acid (DNA) sequences using the polymerase chain reaction (PCR). Its principal technology platform includes SigNature DNA, SigNature T DNA, fiberTyping, DNAnet, digitalDNA, SigNify and Beacon. Its SigNify IF portable DNA reader provides definitive real-time authentication of SigNature DNA in the field-DNA becomes a solution for supply chain integrity. SigNature DNA is the Company’s platform ingredient, at the core of all its security solutions. It provides forensic power and protection for a range of applications. SigNature T DNA is a tagging and authentication system specifically designed for textiles and apparel. DNAnet is a DNA marker that can be used to definitively link evidence and offenders to specific crime scenes and help return stolen or lost property to its rightful owner.