Co-Diagnostics, Inc. Announces Joint Venture in India
July 25 2017 - 7:45AM
Business Wire
Co-Diagnostics, Inc. (NASDAQ: CODX) (“Co-Diagnostics” or
the “Company”), a molecular diagnostics company that has a unique,
proprietary platform for the development of diagnostic tests,
officially announced today the recent incorporation of CoSara
Diagnostics, Pvt., Ltd., a Joint Venture for manufacturing with
Synbiotics Limited. Synbiotics is a group company of Asence Inc, a
U.S. incorporated company specializing in supplying pharmaceutical
products to international markets.
Co-Diagnostics and Synbiotics incorporated the CoSara entity in
India in July. Co-Diagnostics paid for its commitment to CoSara
from its recent initial public offering. CoSara intends to secure
all applicable regulatory approvals necessary for allowing the sale
and distribution of CoSara-branded diagnostics throughout India,
with a manufacturing facility expected to be under construction in
Q3 2017. Once completed, CoSara will have the exclusive Indian
manufacturing rights for Co-Diagnostics products.
Dwight Egan, Co-Diagnostics CEO, commented, “India has been a
focal point of our growth plan for several years, and partnering
with an outstanding organization such as Synbiotics for in-country
manufacturing moves us significantly closer to realizing those
goals. Because India has an estimated 400 million cases of
tuberculosis from which there are 1,000 deaths each day, it is the
ideal market for launching a high-quality, affordable test that can
not only have a positive impact on the affected population, but
also help to build a strong customer base for our other diagnostic
products already in the pipeline.”
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular
diagnostics company that has developed and intends to manufacture
and sell reagents used for diagnostic tests that function via the
detection and/or analysis of nucleic acid molecules (DNA or RNA),
and to sell diagnostic equipment from other manufacturers as
self-contained lab systems.
Forward-Looking Statements:
This press release contains forward-looking statements.
Forward-looking statements can be identified by words such as
"believes," "expects," "estimates," "intends," "may," "plans,"
"will" and similar expressions, or the negative of these words.
Such forward-looking statements are based on facts and conditions
as they exist at the time such statements are made and predictions
as to future facts and conditions. Readers of this press release
are cautioned not to place undue reliance on any forward-looking
statements. The Company does not undertake any obligation to update
any forward-looking statement relating to matters discussed in this
press release, except as may be required by applicable securities
laws.
Disclaimer:
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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version on businesswire.com: http://www.businesswire.com/news/home/20170725005266/en/
Co-Diagnostics, Inc.Investor Relations,
801-438-1036investors@codiagnostics.com
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