Applied DNA Sciences, Inc. (NASDAQ: APDN) is engaged as a biotechnology company, which is focused on developing PCR-based DNA technologies. Shares of the biotech company are soaring 68% through early trading on Monday, October 10, 2022. Over the past three months, Applied DNA Sciences has seen average daily volume of 7.5 million shares. However, volume of 29.13 million shares or dollar volume of around $63.5 million, has already exchanged hands through early trading.
Shares of Applied DNA Sciences are surging after the company announced it has received its largest single purchase order ever for its LinearDNA product, which is valued above mid-six-figures. The company did not specifically name the purchasing company, but did state the buyer is a global manufacturer of in vitro diagnostics products and has maintained a long-term supply agreement with Applied DNA Sciences. Under the terms of the purchase order, Applied DNA Sciences will make an initially delivery of its LinearDNA platform during the current quarter. The full order is expected to be completed over the next three quarters.
Using an enzymatic manufacturing platform, Applied DNA Sciences is able to produce its LinearDNA product, which eliminates the need for fermenters and bacteria as required with the industry standard approach for manufacturing DNA. This gives LinearDNA an edge over traditional methods because it eliminates many of the challenges particularly the risks of bacterial contamination and non-target DNA sequences.
Dr. James A. Hayward, President and CEO of Applied DNA: “The application of DNA-based probes in molecular diagnostics is rapidly expanding to give the industry powerful new tools to enhance the diagnosis of infectious diseases, genetic disorders, and malignancies. Our proprietary enzymatic approach to manufacturing DNA via PCR underpins our ability to produce DNA more efficiently and rapidly relative to other DNA production methods and at scale. Applying this capacity also to the manufacture of therapeutic DNA for the next generation of genetic medicines, we believe LinearDNA sits at the intersection of two growing life sciences segments that hold the potential to transform human health.”
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