Applied DNA Sciences (NASDAQ:APDN), a New York-based company which specializes in PCR-based DNA technologies, acquired Spindle Biotech, a Toronto, Canada-based biotech company developing RNA manufacturing technologies.
Under the terms of the stock purchase agreement, Applied DNA acquired all outstanding shares in Spindle for an upfront purchase consideration of $625,000 cash, as adjusted for debt and transaction expenses, and 750,000 restricted shares of company common stock, in addition to future contingent consideration of up to 1.0 million shares of company common stock upon the satisfaction of certain commercialization and revenue milestones. Aaron Chung, co-founder and CEO of Spindle, joins the Company as Director of Nucleic Acid Platforms.
The acquisition combines the Applied DNA’s linearDNA IVT templates and Spindle’s RNA polymerase into an integrated offering branded as the LineaIVT platform.
Led by CEO Aaron Chung, Spindle has developed a proprietary RNA Polymerase that, when used in conjunction with specialized chemically modified IVT templates, produces mRNA with significant reductions in dsRNA impurities. In March 2022, Spindle and Applied DNA entered into a collaborative research agreement to pursue an efficient method to produce mRNA with advantages over conventional plasmid DNA methods.
Led by CEO Dr. James A. Hayward, President and CEO, Applied DNA Sciences is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid (“DNA”). Using PCR to enable both the production and detection of DNA, it operates in three primary business markets: the manufacture of DNA for use in nucleic acid-based therapeutics; the detection of DNA in molecular diagnostics testing services; and the manufacture and detection of DNA for industrial supply chain security services.
FinSMEs
14/07/2023