Co-Diagnostics JV CoSara First Indian Company to Receive License for COVID-19 Diagnostic
March 19 2020 - 6:30AM
Business Wire
Co-Diagnostics, Inc. (Nasdaq: CODX) (the “Company”), a
molecular diagnostics company with a unique, patented platform for
the development of molecular diagnostic tests, announced today that
CoSara Diagnostics Pvt Ltd (“CoSara,” or the “JV”), its joint
venture for manufacturing in India, has become the first and only
Indian company to receive a license from the Central Drugs
Standards Control Organisation (CDSCO) to manufacture RT-PCR
COVID-19 test kits. The kits are expected to be sold in the Indian
market, as well as for export to the surrounding regions.
CoSara has aligned itself with the “Make in India” initiative
introduced in 2014 to transform India into a global design and
manufacturing hub, and senior officials from the health department
expedited the approval process for the license. The country took
early measures to recall its citizens, drastically limit travel
into the country and eventually close the country’s borders, which
has also increased the demand for indigenous COVID-19 tests to
serve India’s population of 1.3 billion.
The outbreak has been declared an epidemic in several states
where provisions of the Epidemic Diseases Act have been invoked,
and educational institutions and many commercial establishments
have been shut down. Prime Minister Narendra Modi also recently
called for enhanced testing facilities in an effort to contain the
spread of the disease in a country where social isolation, as
practiced in other areas, may prove difficult due to the high
population density. According to economists, if the pandemic in
India grows out-of-control, the consequences are likely to be even
more severe than in Italy.
The COVID-19 test kits approved by the CDSCO were those
originally designed by Co-Diagnostics, the first U.S. company to
receive a CE marking for a COVID-19 diagnostic. “The high-quality
tests built on our patented CoPrimer™ technology will have a
positive impact on what is projected to be the largest healthcare
market in the world,” said Dwight Egan, CEO of Co-Diagnostics.
“Co-Diagnostics is honored that our joint venture has achieved such
a significant milestone.”
Mohal Sarabhai, Director of CoSara, remarked “Presently there
are 52 government-approved testing facilities and delivering the
kits to those is the first target,” in addition to pursuing 60
accredited private labs to conduct COVID-19 tests. “Overall, our
target market will be private as well as government labs.”
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular
diagnostics company that develops, manufactures and markets a new,
state-of-the-art diagnostics technology. The Company’s technology
is utilized for tests that are designed using the detection and/or
analysis of nucleic acid molecules (DNA or RNA). The Company also
uses its proprietary technology to design specific tests to locate
genetic markers for use in industries other than infectious disease
and license the use of those tests to specific customers.
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. Forward-looking statements in
this release may include statements regarding the (i) use of
funding proceeds, (ii) expansion of product distribution, (iii)
acceleration of initiatives in certain verticals or markets, (iv)
capital resources and runway needed to advance the Company’s
products and markets, (v) increased sales in the near-term, (vi)
flexibility in managing the Company’s balance sheet, (vii)
anticipation of business expansion, and (viii) benefits in research
and worldwide accessibility of the CoPrimer technology and its
cost-saving and scientific advantages. Forward-looking statements
are subject to inherent uncertainties, risks and changes in
circumstances. Actual results may differ materially from those
contemplated or anticipated by such forward-looking statements.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200319005204/en/
Company Contact: Andrew Benson Head of Investor Relations
+1 801-438-1036 investors@codiagnostics.com
Media Contact: Jennifer Webb Coltrin & Associates,
Inc +1 267-912-1173 jennifer_webb@coltrin.com
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