Co-Diagnostics, Inc. Designs Test for New Coronavirus Using CoPrimer™ Platform
January 23 2020 - 6:30AM
Business Wire
Proprietary Company design process
facilitates rapid response to health emergencies
Co-Diagnostics, Inc. (Nasdaq:CODX), a molecular
diagnostics company with a unique, patented platform for the
development of diagnostic tests, announced today that it has
completed principle design work for a PCR screening test for new
coronavirus, 2019-nCoV, intended to address potential need for
detection of the virus.
An outbreak of respiratory illness caused by the pneumonia-like
2019-nCoV has spread rapidly over the past two weeks, after first
being discovered in the Chinese city of Wuhan on December 31. China
confirmed human-to-human transmission of the virus on January 20,
and the United States announced the first infection in this country
on January 21, detected in a traveler returning from Wuhan.
Recently, a soft quarantine has effectively been placed on Wuhan,
warning people to not travel to or from the city.
The new test features the Company’s patented CoPrimer™
technology, and was designed using its proprietary software system,
following the guidelines published by the World Health Organization
and Centers for Disease Control.
Dwight Egan, CEO of Co-Diagnostics, commented, “There are
several challenges to developing a test for a virus so relatively
new on the world stage, especially one with many closely-related
genetic cousins such as SARS and MERS. One of the most important
advantages of our CoPrimer platform is its ability to reliably and
accurately differentiate between similar genetic sequences, in
order to reduce the likelihood of a false positive diagnosis. With
a situation currently unfolding where at least 17 deaths have
already been reported among the hundreds infected, it is vital that
healthcare professionals have access to the highest-quality
diagnostic tools available, to be able to provide prompt and
accurate diagnoses.
“We believe that if the WHO takes the step of declaring the
illness a global health emergency following collection of more data
in the days and weeks to come, Co-Diagnostics will be well
positioned to quickly assist in providing these state of the art
tools to affected countries.”
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/20200123005290/en/
Andrew Benson Head of Investor Relations +1 801-438-1036
investors@codiagnostics.com
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