Co-Diagnostics, Inc. Announces US Sales of Vector Control Laboratory Packages and Tests
May 22 2019 - 6:30AM
Business Wire
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular
diagnostics company with a unique, patented platform for the
development of molecular diagnostic tests, announced today it has
entered into two sales agreements for mosquito abatement laboratory
equipment and mosquito tests, and expects additional sales
agreements before the end of the quarter.
Co-Diagnostics CEO Dwight Egan remarked, “We are pleased to
report initial sales of our mosquito vector control equipment and
reagents in the United States, as forecast in the press release
following our most recent 10-Q filing. Mosquito abatement
departments exist in cities and counties across the country. We
have expanded our marketing efforts to focus on multiple regions of
the US, including areas recently affected by excessive
flooding—which is often accompanied by an explosion in the mosquito
populations—and coastal areas, where mosquitoes act as vectors for
infectious disease.”
Sales of the mosquito abatement equipment packages and test
reagents follow the Company’s participation at a workshop in the
Dominican Republic last quarter to help launch Co-Diagnostics’
molecular testing vector solutions and introduce them to that
country. In March, the Company also hosted its first on-site
distributor conference, which was well-attended by government,
environmental testing, and private laboratory customers. The vector
control products in particular generated substantial interest, with
the recent and future sales agreements in part resulting from that
conference. Abatement districts and other interested institutions
can select from the Co-Diagnostics growing menu of mosquito testing
reagents. The Company also provides affordable equipment for vector
control laboratories new to molecular diagnostics.
Mr. Egan continued, “The Company anticipates that substantial
domestic revenue will be derived by our mosquito abatement
products. We are confident that the recent sales agreements
illustrate our gathering momentum in several verticals, and we look
forward to sharing further announcements related to our product
pipeline, sales progress, and technological advancements.”
More information about the Company’s vector control solutions,
pricing for the laboratory equipment packages, and tests currently
available or in development (including a multiplex assay for West
Nile virus, St. Louis encephalitis, and western equine
encephalitis) can be found on the Company’s website at
http://codiagnostics.com/products/vector-solutions/.
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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version on businesswire.com: https://www.businesswire.com/news/home/20190522005251/en/
Andrew BensonHead of Investor Relations+1
801-438-1036investors@codiagnostics.com
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