Co-Diagnostics, Inc. to Sign Purchase Agreement with MEDCIS Pathlabs
September 05, 2017 09:31 AM Eastern Daylight Time
SANDY, Utah–(BUSINESS WIRE)–Co-Diagnostics, Inc. (NASDAQ: CODX) (“Co-Diagnostics” or the “Company”), a molecular diagnostics company with a unique, proprietary platform for the development of diagnostic tests, and MEDCIS Pathlabs India Pvt. Ltd., have agreed to the terms of a purchase agreement for Co-Diagnostics products to be used throughout India.
MEDCIS Pathlabs and its associates and attendees, together comprising a Clinical Investigation Services provider of healthcare services with a strategy of delivering integrated testing solutions to their customers, has agreed to an initial purchase of up to 36,000 of the Company’s tests, specifically those for Hepatitis B, Hepatitis C, HIV, and human papillomavirus. The tests will be manufactured and branded by CoSara Diagnostics, the Company’s manufacturing joint venture, who will also pursue all relevant regulatory approvals, and are expected to be used in MEDCIS’ own network of ISO-certified and NABL and CAP accredited franchises and branches across India. The agreement also extends to future Co-Diagnostics-developed products, including a blood bank panel to help address a market in India that exceeds $1 billion annually.
Co-Diagnostics CEO Dwight Egan commented, “This agreement has the potential to represent our most significant revenue to date through the profit sharing agreement with our Joint Venture in India, once the tests in question have completed all requisite validation procedures. It is fitting that it would be with MEDCIS Pathlabs, whose commitment to helping improve the quality of patient care, all at affordable costs, parallels our own ambitions.”
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.
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. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy 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.