Applied DNA Sciences Appoints New President and Announces Results of Operations

On December 17, 2024, Applied DNA Sciences, Inc. (NASDAQ: APDN) filed a Form 8-K with the SEC announcing significant updates within the company. Applied DNA Sciences has appointed Judith Murrah as the new President of the company, effective December 13, 2024. Ms. Murrah, who previously served as the Chief Operating Officer, Chief Information Officer, and Secretary of the company, will take on the role of President from Dr. James Hayward, the current Chief Executive Officer and Chairman of the Board, who voluntarily resigned as President.

Additionally, Clay Shorrock, the Chief Legal Officer and Executive Director of Business Development, has been appointed as the President of LineaRx, the company’s subsidiary, effective December 13, 2024. Both Ms. Murrah and Mr. Shorrock will serve in their respective roles until a successor is elected or until any earlier changes.

Ms. Murrah, aged 66, has been an integral part of Applied DNA Sciences, holding various leadership positions within the company since 2013. Her experience includes roles at organizations like Motorola Solutions and Symbol Technologies. Mr. Shorrock, aged 41, has been with the company since 2021 and leads legal, regulatory, and business development functions.

In connection with their promotions, Ms. Murrah’s annual base salary was increased to $400,000, and Mr. Shorrock’s to $385,000. There are no existing arrangements or relationships that influenced their appointments. The company also disclosed that there have been no transactions requiring reporting between the company and the appointed individuals as per Item 404(a) of Regulation S-K.

Furthermore, Applied DNA Sciences announced in a press release its financial results for the three-month and year-end period ending September 30, 2024. The company reported that total revenues for the fourth quarter of fiscal 2024 amounted to $813 thousand compared to $780 thousand in the prior-year period. While total revenues for fiscal 2024 were $3.4 million compared to $13.4 million in fiscal 2023, driven mainly by lower clinical laboratory service revenues due to decreased COVID-19 testing demand.

The company also disclosed plans for a strategic restructuring to prioritize the manufacture of critical starting materials for genetic medicines, along with ongoing operational actions to support this restructuring strategy. These actions include pursuing divestiture of the CertainT® platform, reducing operating expenses, promoting TR8™ pharmacogenomic testing services, and retaining its non-GMP DNA manufacturing business for specialty applications.

Applied DNA Sciences also provided information on the completed buildout of its GMP manufacturing facility, which is expected to be operational by January 9, 2025. The company anticipates significant revenue potential from the manufacturing of IVT templates and RNA polymerase for mRNA production. Additionally, a conference call and webcast are scheduled for January 9, 2025, to discuss the restructuring and GMP roadmap in detail.

The company’s financial statements and further details can be accessed via the SEC Filings and Investor Relations sections of Applied DNA Sciences website.

This is a developing story, and further updates from Applied DNA Sciences are anticipated following the recent organizational changes and strategic initiatives.

[Information sourced from the official Form 8-K filing submitted by Applied DNA Sciences on December 17, 2024]

For more information, investors can visit www.adnas.com and follow the company on social media platforms for updates.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Applied DNA Sciences’s 8K filing here.

Applied DNA Sciences Company Profile

Applied DNA Sciences, Inc, a biotechnology company, develops and commercializes technologies to produce and detect deoxyribonucleic acid (DNA) in the Americas, Europe, Asia, and internationally. It operates through three segments: Therapeutic DNA Production Services; MDx Testing Services; and DNA Tagging and Security Products and Services.