Co-Diagnostics Announces Closing of $4.2 Million Registered Direct Offering Priced At-the-Market
March 02 2020 - 11:51AM
Business Wire
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, today announced the closing of its
previously announced registered direct offering of 470,000 shares
of its common stock, at a purchase price of $9.00 per share, in a
registered direct offering priced at-the-market under the Nasdaq
rules, for gross proceeds of approximately $4.2 million.
H.C. Wainwright & Co. acted as the exclusive lead placement
agent for the offering. Maxim Group LLC acted as co-placement
agent.
Co-Diagnostics intends to use the net proceeds from this
offering for acquisition of PCR (polymerase chain reaction)
equipment and raw materials to be used in connection with sale of
tests used to diagnose infectious disease, including strains and
mutations of coronavirus, as well as research and development costs
associated with test development for additional pathogens and test
menu expansion, and for working capital and other general corporate
purposes.
The shares of common stock were offered by Co-Diagnostics
pursuant to a "shelf" registration statement on Form S-3 that was
originally filed on August 14, 2018 and declared effective by the
Securities and Exchange Commission ("SEC") on September 7, 2018,
and the base prospectus contained therein (File No. 333-226835).
The offering of the shares of common stock was made only by means
of a prospectus supplement that forms a part of the registration
statement.
A final prospectus supplement and accompanying base prospectus
relating to the shares of common stock being offered has been filed
with the SEC. Electronic copies of the final prospectus supplement
and accompanying base prospectus may be obtained on the SEC’s
website at http://www.sec.gov or by contacting H.C. Wainwright
& Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022,
by phone at 646-975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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 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, (viii) benefits in research and
worldwide accessibility of the CoPrimer technology and its
cost-saving and scientific advantages and (ix) statements regarding
the intended use of proceeds. Forward-looking statements are
subject to inherent uncertainties, risks and changes in
circumstances, including market conditions. 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/20200302005761/en/
Andrew Benson Co-Diagnostics Investor Relations 801-438-1036
investors@codiagnostics.com
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