SALT LAKE CITY–(BUSINESS WIRE)–Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, proprietary platform for the development of molecular diagnostic tests, announced today that it is expanding its list of international target markets with the completion of a trip to interested laboratories and potential future sales installations across Central America. As the Company approaches commercialization of selected molecular diagnostic tests, Latin America joins India and the Caribbean region as important target markets for its products.
The purpose of the trip was to introduce Co-Diagnostics’ products to some of the establishments that have expressed interest in the Company’s infectious disease detection platform. It included giving demonstrations in nine different clinical, medical, and research institutions across Honduras and Guatemala for the Company’s CE-IVD tuberculosis test, as well other tests for human papillomavirus, Zika virus, hepatitis B virus, and a viral load test for hepatitis B that are currently designated as Research or Investigational Use Only.
The trip and product demonstrations were conducted by local Company representatives and Cameron Gundry, Co-Diagnostics’ recently-appointed Director of Commercialization for Latin America. Mr. Gundry, a veteran of the industry including 18 years with Biofire Diagnostics, commented upon his return, “Tuberculosis, human papillomavirus, Zika and hepatitis B are significant issues throughout Latin America. After several years of product development and market-research to determine demand, this trip represented an important phase in our efforts to bring Co-Diagnostics’ products to the Latin American region.
“The Company has long believed that interest levels would be high for our quality, affordable diagnostics, and the feedback we received from the cross-section of potential customers we had the fortune of visiting, some of which were among the largest laboratories of their kind in those countries, confirmed our beliefs. We feel confident that the groundwork we are laying has the potential to result in a substantial ROI for the Company.”
Co-Diagnostics’ products are sold in compliance with the local registration and regulatory requirements of the importing countries, including offering products through regional distributors where available. The Company expects sales to commence once those requirements have been met, and for products to be available as in-vitro diagnostics following approvals by the appropriate regulatory bodies.
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, and (ix) 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.