Co-Diagnostics, Inc. and LGC, Biosearch Technologies Expand License Agreement for CoPrimer™ Technology
September 04 2019 - 6:30AM
Co-Diagnostics, Inc.
(Nasdaq: CODX)
(“Co-Diagnostics,” or the “Company”), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, and LGC, Biosearch Technologies
(“LGC”), a global leader in the design, development, and
manufacture of sophisticated, custom oligonucleotide-based tools
and associated reagents for applied markets, announced today an
expansion of their license agreement related to the use of the
Company’s CoPrimer™ technology.
The expanded license includes additional
research applications not previously covered by the existing
agreement. Products sold under the expanded license will be
marketed, sold, and distributed by LGC, whose footprint covers over
200 countries. The Company anticipates additional revenue from
future commercialization of the CoPrimer research products
developed by LGC customers outside of AgBio applications, which
will be subject to separate license agreements directly between
Co-Diagnostics and those customers.
Dwight Egan, Co-Diagnostics CEO, remarked, “We
believe that the expansion of this license agreement and increased
royalty structure for the additional applications will deliver
meaningful revenue growth to the Company.
“The agreement highlights LGC’s commitment to
our platform, and the technology’s potential to improve PCR
technology, particularly in multiplex reactions. We also expect
that the efforts of LGC’s sales force will lower our cost of sales
while helping to create a larger customer base for our technology,
as more LGC clients take advantage of the time- and cost-saving
advantages of true multiplex PCR, without concern of
cross-reactivity among primer sets leading to inaccurate
results.”
Mark Dearden, Vice President Strategy and Marketing remarked,
“LGC is delighted to expand its agreement with Co-Diagnostics.
Delivering more data within a specific budget is a critical need
for our customers, which Multiplexing can address.
BHQplex™ CoPrimers build on LGC’s strong foundation of
innovation in PCR genotyping technologies.” Click here to
learn more about BHQplex™ CoPrimers, LGC’s private-labeled CoPrimer
product for research in Agrigenomic applications.
www.lgcgroup.com
www.codiagnostics.com
About LGC LGC is an
international leader in the extended life sciences sector,
including human healthcare, agri-food & the environment. LGC
provides a comprehensive range of reference materials, proficiency
testing schemes, genomics reagents and instrumentation, as well as
research and measurement services. Its scientific tools and
solutions enable organisations to advance research, develop new
products and form an essential part of their quality and compliance
procedures.
LGC’s 2,800 employees include internationally-recognized
scientists who are experts in their field. Headquartered in London,
it operates out of 19 countries worldwide and is extensively
accredited to quality standards such as GMP, GLP, ISO 13485, ISO
17034, ISO 17043, ISO/IEC 17025 and ISO 9001.
LGC has been home to the UK Government Chemist for more than 100
years and is the UK National Measurement Laboratory and Designated
Institute for chemical and bio measurement. LGC has been
privately-owned since 1996 and has diversified through internal
investment and acquisition to be an international leader in its
chosen niche markets. LGC is now owned by funds affiliated with
KKR.
For more information, please visit www.lgcgroup.com
Media contact details
LGC Julian Quigley Media Relations & Social Media Manager
+44 (0)20 8943 8491 julian.quigley@lgcgroup.com
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.
Company
Contact:
Andrew
Benson
Head of Investor
Relations
+1
801-438-1036
investors@codiagnostics.com
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