Revenue includes sales of infectious disease, mosquito abatement products and AgBio primer design services
Salt Lake City, Utah – November 13, 2019 – Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, announced today the filing of its operating results on SEC Form 10-Q for the 3 and 9 month periods ending September 30, 2019, a copy of which will be available on the Company’s website.
Dwight Egan, Chairman and CEO of Co-Diagnostics: “This quarter saw continued sales of our vector control mosquito tests as we expanded our reach into different markets across the US and further developed that product pipeline, in addition to revenue being generated by both our infectious disease vertical and genomic design services for the AgBio industry. Significantly, the Company also installed one of the largest private molecular diagnostics laboratories in Ghana, maintains a strong financial position, and remains debt-free.
“The Company’s joint venture in India continues to progress with sales of primers and other testing components. Following the inauguration of the manufacturing plant earlier this year, submission to the CDSCO for the approval of several tests as in vitro diagnostics has been completed, and the JV has been notified that regulatory approval is imminent. Once approved, sales of IVD tests for the Indian diagnostics market will commence. A robust pipeline of distributors and labs are prepared to order tests including tuberculosis, malaria, hepatitis B, hepatitis C and human papillomavirus. The Company expects a significant increase during the current quarter in infectious disease test sales, not only in India, but other areas of the globe.
“Co-Diagnostics has recently participated in numerous mosquito abatement conferences including events in Texas, Florida, Ohio, Nebraska, Idaho and Utah. Many more are planned in the coming months. The Company is also anticipating the release of its NAM-e triplex test, the only test of its kind capable of detecting the virulent EEE (eastern equine encephalitis) supported by a mosquito control. This test will add to Company’s existing suite of vector control products, which includes tests for West Nile, western equine encephalitis, St. Louis encephalitis, Zika, dengue and chikungunya viruses.
“The Company is also strongly encouraged by the progress of its AgBio sector, particularly in conjunction with its previously announced agreements with LGC, Biosearch Technologies (“LGC”), a global leader in the design, development, and manufacture of sophisticated, custom oligonucleotide-based tools and associated reagents for applied markets. LGC is owned by funds affiliated with KKR & Co and has a footprint that covers over 200 countries. The Company recently participated with LGC at the AMP conference in Baltimore, Maryland and expects the current quarter to reflect the first revenues to the Company in connection with these agreements.
“Company representatives presented research findings on rare allele detection for liquid biopsy announced in Q3 at the 4th Advances in Circulating Tumor Cells (ACTC) conference, held October 2-5 2019 in Corfu, Greece. The CoPrimer real-time qPCR platform has the ability to create highly specific multiplex assays, which has been shown to greatly facilitate identifying an array of different cancer mutations via an effective, cost-efficient diagnostic tool. Product development continues to be driven by market demand as the Company expands its product pipeline and intellectual property.”
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.
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 liquid biopsy and SNP detection, (iv) use of the Company’s liquid biopsy tests by laboratories, (v) capital resources and runway needed to advance the Company’s products and markets, (vi) increased sales in the near-term, (vii) flexibility in managing the Company’s balance sheet, (viii) anticipation of business expansion, (ix) benefits in research and worldwide accessibility of the CoPrimer™ technology and its cost-saving and scientific advantages and (x) statements regarding the intended use of proceeds. 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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