APDN signs five-year deal with luxury brand

Applied DNA Sciences (APDN) has signed a five-year agreement worth a minimum of USD $8.7 million with a European luxury brand for the supply of proprietary botanical DNA authentication codes, in order to maintain exclusivity on the agreement in the specified field.   

Unique botanical DNA authentication codes will be used to mark luxury products and link them to specific owners. The company expects to receive approximately USD $1 million in orders in 2011; orders are expected to ramp up annually thereafter. As part of the agreement, APDN will receive a fee for each unique authentication code purchased, with additional fees paid to APDN for authentications. In exchange for exclusive rights in the specified field, the brand-owner has agreed to minimum-volume purchases for each year of the agreement.   

‘Our agreement has been working incredibly smoothly and has opened up new possibilities for our client to develop new products that are totally unique and can be marketed and sold to satisfy an elite customer base,’ said Dr James Hayward, CEO of APDN.  

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