Co-Diagnostics, Inc. Issues Operational Update

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Sep 01, 2020, 09:10 ET

SALT LAKE CITY, Sept. 1, 2020 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, issued the following statement concerning the progress of the Company's operations.

"Co-Diagnostics continues to grow in size, scale, and scope as we have become an internationally recognized provider of high quality, in-demand molecular diagnostic tests. RT-PCR (or reverse-transcriptase polymerase chain reaction) tests are recognized for their important role in detection of the SARS-CoV-2 virus, and the global demand for PCR-based diagnostics like our Logix Smart™ COVID-19 test kit continues. According the CDC, RT-PCR remains the 'gold standard' for clinical diagnostic detection of SARS-CoV-2. RT-PCR also provides higher throughput capabilities and greater sensitivity than antigen tests.

"The Company's Logix Smart COVID-19 diagnostic, which has been implemented in systems that perform high volume and quick turnaround tests for COVID-19 patients, now also operates with non-invasive, self-administered, saliva-based collection kits that can be processed via these high throughput protocols to return results without compromising or sacrificing accuracy, helping to fill this need as we play our part in creating COVID-safe schools, COVID-safe businesses, and COVID-safe communities.

"In light of the upcoming flu season and the ongoing coronavirus pandemic, the Company is augmenting our COVID-19 testing with our forthcoming respiratory virus panel, which will test for and differentiate between influenza A, influenza B and COVID-19, and will be introduced to our expanded customer base in the United States and across the world.

"Co-Diagnostics continues to participate in successful joint government/private collaborations in several states, and the reach of the Company's coronavirus test has also expanded to high-throughput laboratories who serve a nationwide customer base. Sales generated by those collaborations and important laboratory relationships continue, and the need for high quality, high volume RT-PCR tests like our Logix Smart COVID-19 test remains in significant demand."

About Co-Diagnostics, Inc.:

Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a 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