Co-Diagnostics, Inc. Announces Sales of New Coronavirus Test
February 10 2020 - 2:07PM
Business Wire
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular
diagnostics company with a unique, patented platform for the
development of diagnostic tests, announced today sales of its
screening test designed to identify the presence of the novel
coronavirus that originated in China before spreading across the
world over the past month. The order calls for delivery of tests to
be distributed to various international markets and included
payment for the initial shipment of assays.
Co-Diagnostics Logix Smart™ 2019-nCoV polymerase chain reaction
(PCR) tests use highly specific targeting and the Company’s
patented CoPrimer™ technology platform to detect the strain of
coronavirus first discovered in the Chinese city of Wuhan on
December 31, 2019. The test is compatible with various
manufacturers’ PCR devices that are commonly used, and is
immediately available on a Research Use Only (RUO) basis to
thousands of laboratories throughout the world.
Dwight Egan, Co-Diagnostics CEO, commented, “The rapid
development and time to commercialization was possible thanks to
the innovation of our proprietary and patented platform, our
dedicated employees, and the support of our suppliers. We are
pleased to be able to offer a product to this market that excels in
being both sensitive and specific, the two benchmarks for accuracy
in molecular diagnostics.
“We believe the way that Co-Diagnostics can be most helpful in
this ongoing situation is by providing diagnostic solutions that
are affordable and accessible in any market in the world. Our
mandate includes supporting as many markets as possible in a public
health crisis, and taking a test from design to commercialization
in under three weeks underscores this commitment. Doing so also
provides a compelling proof-of-concept that the Company’s unique
process and patented technology could quickly and efficiently be
applied to address the diagnostic needs associated with other
emergencies, including potential mutations of the 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/20200210005698/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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