Applied DNA Sciences receives initial $1M payment from TheraCann
Applied DNA Sciences announced that it has received the first $1M of a $5M licensing fee as per the terms of its exclusive agreement entered into with TheraCann International Corporation on March 29, 2019. The balance of $4M in payments to Applied DNA is expected by mid-August in accordance with the terms of the Agreement. Concurrently, the company announced that it received $793 thousand through the cash exercise of 1,773,100 common stock warrants. Warrants were exercised to purchase 1,558,100 and 215,000 shares of common stock at the price of 44c and 50c per share, respectively. The warrants were originally issued as part of financings completed in December 2017 and December 2018. No inducements or incentives were offered to the parties exercising the warrants, and no commissions or placement fees have been paid related to the funds received from these exercised Warrants.