Co-Diagnostics, Inc. Announces Joint Venture in India
SALT LAKE CITY–(BUSINESS WIRE)–Co-Diagnostics, Inc. (NASDAQ: CODX) (“Co-Diagnostics” or the “Company”), a molecular diagnostics company that has a unique, proprietary platform for the development of diagnostic tests, officially announced today the recent incorporation of CoSara Diagnostics, Pvt., Ltd., a Joint Venture for manufacturing with Synbiotics Limited. Synbiotics is a group company of Asence Inc, a U.S. incorporated company specializing in supplying pharmaceutical products to international markets.
Co-Diagnostics and Synbiotics incorporated the CoSara entity in India in July. Co-Diagnostics paid for its commitment to CoSara from its recent initial public offering. CoSara intends to secure all applicable regulatory approvals necessary for allowing the sale and distribution of CoSara-branded diagnostics throughout India, with a manufacturing facility expected to be under construction in Q3 2017. Once completed, CoSara will have the exclusive Indian manufacturing rights for Co-Diagnostics products.
Dwight Egan, Co-Diagnostics CEO, commented, “India has been a focal point of our growth plan for several years, and partnering with an outstanding organization such as Synbiotics for in-country manufacturing moves us significantly closer to realizing those goals. Because India has an estimated 400 million cases of tuberculosis from which there are 1,000 deaths each day, it is the ideal market for launching a high-quality, affordable test that can not only have a positive impact on the affected population, but also help to build a strong customer base for our other diagnostic products already in the pipeline.”
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that has developed and intends to manufacture and sell reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules (DNA or RNA), and to sell diagnostic equipment from other manufacturers as self-contained lab systems.
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Original Press Release found here.