Co-Diagnostics, Inc. Contracts with Promega Corp for COVID-19 Test Manufacturing as Company Expands Domestic Customer Base

News provided by

Apr 14, 2020, 06:30 ET

SALT LAKE CITY, April 14, 2020 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) (the Company), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that it has contracted with Madison, Wisconsin-based Promega Corporation for additional manufacturing capacity for immediate production of the Company's Logix Smart™ COVID-19 test, as the Company seeks to expand its domestic outreach to public and private laboratories in the United States.

Promega, a leader in providing innovative solutions and technical support to the life sciences industry, will provide manufacturing support for the Company's COVID-19 test kits, helping Co-Diagnostics meet demand that continues to expand during the pandemic.

The Company is increasing its domestic outreach after receiving FDA Emergency Use Authorization on April 3 of this year. Among new U.S. customers is the Company's involvement with Test Utah, an initiative with the goal of dramatically increasing the rate of COVID-19 testing in Utah to help stem the spread of COVID-19, and which has caught the attention of governors from around the country who want to know how they can launch similar public-private partnerships in their own states as reported here.

The test kits manufactured by Promega will be produced in large volumes to ensure the Company will be able to satisfy demand for the Company's tests both in the US and the rest of the world. The Company's COVID-19 test serves customers on 5 continents and multiple locations in the United States.

"Promega's commitment to the highest quality standards of manufacturing is part of what makes Promega not only such a well-known and respected provider of molecular diagnostic components, but also the ideal partner for manufacturing our coronavirus test kits," said Dwight Egan, CEO of Co-Diagnostics. "Promega has shown its dedication to customer satisfaction time and again, with branches in 16 countries and over 50 global distributors. We are confident they will be instrumental in helping Co-Diagnostics meet the growing demand for our products as we connect with even more laboratories and testing centers in the United States and abroad.

"Co-Diagnostics' cost-effective PCR product provides a single-well diagnostic solution that requires fewer reagents than multi-well tests, designed to allow laboratories to increase their throughput while patients benefit from the results of our patented, highly-specific CoPrimer™ technology."

The Logix Smart COVID-19 test is currently available to all clinical laboratories certified under Clinical Laboratory Improvement Amendments (CLIA), and is authorized to be used for the diagnosis of SARS-CoV-2, the virus that causes COVID-19.

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 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.

SOURCE Co-Diagnostics