Salt Lake City, Utah – February 4, 2020 – Co-Diagnostics, Inc. (Nasdaq:CODX), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, announced today that the GenomeWeb webinar scheduled to be delivered on February 5, 2020 will provide insight into work on the Company’s assay for the new strain of coronavirus, and will also include a behind-the-scenes look at the collaborative development of an innovative multiplex test for infectious diseases in mosquito populations.
In the webinar, Co-Diagnostics will describe how Company scientists were able to design and complete initial verification work of its test for the novel coronavirus in a little over one week, and the next steps for validation, emergency use registration, and commercialization. An outbreak of respiratory illness caused by the pneumonia-like coronavirus, referred to as “2019-nCoV” has spread rapidly over the past several weeks, after first being identified in the Chinese city of Wuhan on January 7. Since that time, infections have been confirmed in 27 countries, including 11 patients testing positive in the US, with over 17,000 cases world-wide (nearly double that of SARS in 2002 and 2003), and at least 361 confirmed deaths, nearly all located within China.
The Company continues to advance its vector control initiative, and the webinar will also include discussion by Company representatives addressing the development and utility of multiplex applications for detection of infectious diseases in mosquitoes using the patented CoPrimer™ platform. Vector control products currently being marketed by the Company across the United States include those for West Nile virus, Zika, dengue, St. Louis encephalitis, and western and eastern equine encephalitis. The General Manager of one of several mosquito abatement districts that have already implemented the Company’s tests will discuss how using the assays to obtain same-day results can enable communities to reduce infection rates and prevent unnecessary infections and subsequent treatments.
Dwight Egan, CEO of Co-Diagnostics, commented “Co-Diagnostics is pleased to announce that the verification process for its novel coronavirus assay has resulted in a test that shows excellent sensitivity. Based on these results, we believe that our qPCR test will be capable of detecting the presence of the virus in patient samples with low levels of infection, even with asymptomatic patients in early stages of infection. The World Health Organization (WHO) recently declared a global health emergency in response to the outbreak and indicated that real-time PCR is the most appropriate method for detecting the virus in early stages, which we anticipate will also be borne out in the validation of our assay as we proceed towards commercialization and distribution.
“The Company is also excited for the opportunity to use this forum to speak directly to end-users of our vector control products, which we began to commercialize last year and interest in which has grown significantly since that time. We believe the advantages of our CoPrimer technology will positively impact communities as our marketing efforts continue to bear fruit.”
Interested participants can learn more about and register for the webinar, sponsored by LGC, Biosearch Technologies, by clicking this link.
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 may 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, and (viii) 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.
Company Contact:
Andrew Benson
Co-Diagnostics Investor Relations
801-438-1036
investors@codiagnostics.com
or
Media Contact:
Jennifer Webb
Coltrin & Associates, Inc
+1.267.912.1173
jennifer_webb@coltrin.com