SALT LAKE CITY, April 14, 2020 /PRNewswire/
-- 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 it has contracted with
Madison, Wisconsin-based Promega
Corporation for additional manufacturing capacity for immediate
production of the Company's Logix Smartâ„¢ COVID-19 test, as the
Company seeks to expand its domestic outreach to public and private
laboratories in the United
States.
Promega, a leader in providing innovative solutions and
technical support to the life sciences industry, will provide
manufacturing support for the Company's COVID-19 test kits, helping
Co-Diagnostics meet demand that continues to expand during the
pandemic.
The Company is increasing its domestic outreach after receiving
FDA Emergency Use Authorization on April
3 of this year. Among new U.S. customers is the Company's
involvement with Test Utah, an
initiative with the goal of dramatically increasing the rate of
COVID-19 testing in Utah to help
stem the spread of COVID-19, and which has caught the attention of
governors from around the country who want to know how they can
launch similar public-private partnerships in their own states as
reported here.
The test kits manufactured by Promega will be produced in large
volumes to ensure the Company will be able to satisfy demand for
the Company's tests both in the US and the rest of the world. The
Company's COVID-19 test serves customers on 5 continents and
multiple locations in the United
States.
"Promega's commitment to the highest quality standards of
manufacturing is part of what makes Promega not only such a
well-known and respected provider of molecular diagnostic
components, but also the ideal partner for manufacturing our
coronavirus test kits," said Dwight
Egan, CEO of Co-Diagnostics. "Promega has shown its
dedication to customer satisfaction time and again, with branches
in 16 countries and over 50 global distributors. We are confident
they will be instrumental in helping Co-Diagnostics meet the
growing demand for our products as we connect with even more
laboratories and testing centers in the
United States and abroad.
"Co-Diagnostics' cost-effective PCR product provides a
single-well diagnostic solution that requires fewer reagents than
multi-well tests, designed to allow laboratories to increase their
throughput while patients benefit from the results of our patented,
highly-specific CoPrimerâ„¢ technology."
The Logix Smart COVID-19 test is currently available to all
clinical laboratories certified under Clinical Laboratory
Improvement Amendments (CLIA), and is authorized to be used for the
diagnosis of SARS-CoV-2, the virus that causes COVID-19.
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 include statements
regarding the (i) use of funding proceeds, (ii) expansion of
product distribution, (iii) acceleration of initiatives in liquid
biopsy and SNP detection, (iv) use of the Company's liquid biopsy
tests by laboratories, (v) capital resources and runway needed to
advance the Company's products and markets, (vi) increased sales in
the near-term, (vii) flexibility in managing the Company's balance
sheet, (viii) anticipation of business expansion, and (ix) 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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SOURCE Co-Diagnostics