SALT LAKE CITY, Sept. 1, 2020 /PRNewswire/ -- Co-Diagnostics,
Inc. (Nasdaq: CODX), a molecular diagnostics company
with a unique, patented platform for the development of diagnostic
tests, issued the following statement concerning the progress of
the Company's operations.
"Co-Diagnostics continues to grow in size, scale, and scope as
we have become an internationally recognized provider of high
quality, in-demand molecular diagnostic tests. RT-PCR (or
reverse-transcriptase polymerase chain reaction) tests are
recognized for their important role in detection of the SARS-CoV-2
virus, and the global demand for PCR-based diagnostics like our
Logix Smart™ COVID-19 test kit continues. According the CDC, RT-PCR
remains the 'gold standard' for clinical diagnostic detection of
SARS-CoV-2. RT-PCR also provides higher throughput capabilities and
greater sensitivity than antigen tests.
"The Company's Logix Smart COVID-19 diagnostic, which has been
implemented in systems that perform high volume and quick
turnaround tests for COVID-19 patients, now also operates with
non-invasive, self-administered, saliva-based collection kits that
can be processed via these high throughput protocols to return
results without compromising or sacrificing accuracy, helping to
fill this need as we play our part in creating COVID-safe schools,
COVID-safe businesses, and COVID-safe communities.
"In light of the upcoming flu season and the ongoing coronavirus
pandemic, the Company is augmenting our COVID-19 testing with our
forthcoming respiratory virus panel, which will test for and
differentiate between influenza A, influenza B and COVID-19, and
will be introduced to our expanded customer base in the United States and across the world.
"Co-Diagnostics continues to participate in successful joint
government/private collaborations in several states, and the reach
of the Company's coronavirus test has also expanded to
high-throughput laboratories who serve a nationwide customer base.
Sales generated by those collaborations and important laboratory
relationships continue, and the need for high quality, high volume
RT-PCR tests like our Logix Smart COVID-19 test remains in
significant demand."
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah
corporation, is a molecular diagnostics company that develops,
manufactures and markets a 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