- February 01, 2011
STONY BROOK, NY | Applied DNA Sciences (APDN) reports a five-year agreement with a European luxury brand. APDN will receive a minimum of $8.7 million to supply the company with proprietary botanical DNA Authentication codes custom-made for the brand owner's customers.
Unique botanical DNA Authentication codes will be used to mark luxury products and link them to specific owners. On signing the agreement, APDN received purchase orders for multiple botanical DNA Authentication codes.
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.
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