Co-Diagnostics, Inc. Reports Additional Demand for Coronavirus Test Shipments
March 05 2020 - 6:30AM
Business Wire
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular
diagnostics company with a unique, patented platform for the
development of diagnostic tests, announced today that both domestic
and international demand has surged for its novel coronavirus
detection kits in recent weeks leading to increased product
shipments, following the Food and Drug Administration’s (FDA)
change in policy on February 29, and an ever-larger number of
patients testing positive for the disease worldwide.
International interest has grown for Co-Diagnostics’ CE-IVD
Logix Smart™ COVID-19 Test Kit, and numerous requests have been
received from US clinical laboratories for the Company’s reagents
to be used according to the FDA’s new policy allowing those labs to
begin testing patients for COVID-19 after in-house validation,
while awaiting FDA Emergency Use Authorization.
Co-Diagnostics CEO Dwight Egan commented, “We are already
manufacturing and shipping coronavirus products to countries on 4
continents along with additional demand we are experiencing
pursuant to the policy change. Recent customer purchases have also
included diagnostic equipment to facilitate the availability of
molecular diagnostics world-wide, specifically in connection to
this global health crisis.
“The Company continues to advance towards emergency use
clearance for use as an in vitro diagnostic by the FDA as well as
by the CDSCO in India. Our facility in that country stands to more
than triple our manufacturing capacity for this test, especially
important to meet potential demand in the eastern hemisphere. The
additional revenues we are experiencing along with our solid
balance sheet and debt-free status have all facilitated our efforts
to support the global response to coronavirus.”
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/20200305005302/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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