SALT LAKE CITY, July 26, 2022 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) ("Co-Dx" or the "Company"), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that it will be disclosing the global expansion of its OEM agreement with Bio Molecular Systems (BMS) at the Company's customer and distributor update today at AACC.
Located in the Gold Coast area of Queensland, Australia, BMS includes the founders and senior personnel from the company responsible for inventing and developing the original Rotor-Gene Real-Time PCR instrument, with a reputation for expertise in developing innovative, versatile, robust, and easy-to-use products.
BMS currently manufactures the magnetic induction PCR instrument that is sold by the Company as the Co-Dx Box™, which includes software that optimized specifically to enhance ease-of-use of the Company's molecular assays. The expanded branding and distribution OEM agreement increases Co-Dx's approved sales territories to 193 countries worldwide.
Company CEO Dwight Egan commented "We are excited for the opportunities that we believe this expanded agreement will provide the Company to increase the reach of our state-of-the-art products. Co-Dx tests have already been sold to laboratories and distributors in over 50 countries, and with this expanded agreement we expect that even more areas will be able to benefit from Co-Dx's high-quality, affordable molecular testing tools."
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets state-of-the-art diagnostics technologies. The Company's technologies are 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 within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA) that are subject to a number of risks and uncertainties. Risks and uncertainties that may cause such differences include, among other things: our products may not prove to be as effective as other products currently being commercialized or to be commercialized in the future by competitors; risks inherent in manufacturing and scaling up to commercial quantities while maintaining quality controls; the uncertainties inherent in new product development, including the cost and time required to gain regulatory clearance for such product and to commercialize such product(s);and, market acceptance of our products once commercialized. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations, and beliefs. There can be no assurance that any of the anticipated results will occur on a timely basis or at all due to certain risks and uncertainties, a discussion of which can be found in the Risk Factors disclosure in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 22, 2022, and in our other filings with the SEC. 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.