Co-Diagnostics agrees to license CoPrimers™
for use in agricultural applications
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular
diagnostics company with a unique, proprietary platform for the
development of molecular diagnostic tests, and LGC, Biosearch
Technologies, a global leader in the design, development, and
manufacture of sophisticated, custom oligonucleotide-based tools
and associated reagents for applied markets, announced today that
they have signed an exclusive license agreement related to the use
of the Company’s CoPrimer™ technology for both research and
commercial applications.
This Agreement is the result of a joint development project
conducted over the past year to test the performance of CoPrimers
in multiplexed reactions when locating specific genetic traits in
seed products and genetic mutations, including SNP detection.
Dwight Egan, CEO of Co-Diagnostics, commented, “The importance
of the validation for our company and technology provided by this
license agreement cannot be overstated. We believe the
participation of an industry leading portfolio like Biosearch
Technologies speaks volumes about the quality and uniqueness of our
CoPrimer platform technology. As Biosearch Technologies clients
begin to adopt our technology under the terms of this agreement, we
look forward to offering our CoDX Design Services to help
streamline and improve their operations, as well as to introducing
them to further applications of CoPrimers to widen our customer
base.
“Co-Diagnostics anticipates this to be the first of many
CoPrimer technology license agreements where the accuracy, time-
and cost-saving advantages of true multiplex polymerase chain
reaction (“PCR”), without concern of cross-reactivity among primer
sets leading to inaccurate results, is critical for the
application. We expect that the results of the research and proofs
of concept we have demonstrated throughout the course of the
development project will have direct applications to any business,
industry, or institution that relies on PCR technology, and that
all such industries will benefit from an improved, better PCR.”
Mark Dearden, VP Strategy and Marketing, LGC, Biosearch
Technologies, said, “The addition of the CoPrimer technology
to our portfolio demonstrates our commitment to apply innovative
technologies that drive workflow efficiencies and enable our
customers to achieve more. We believe the CoPrimer technology
overcomes many of the traditional shortfalls of multiplex PCR, and
are confident our customers will also realize the added flexibility
and scalability this technology can bring to their businesses. The
technology is highly complementary to our existing oligonucleotide
and PCR reagent portfolio, and aligns with our strategy to develop
highly innovative, mission critical tools in this space.
“While this Agreement covers the core CoPrimer technology for
PCR applications, we are excited about the growing partnership with
Co-Diagnostics. LGC is hopeful our expertise in automation,
reagents, and oligonucleotides will help expand the applications
for the CoPrimer technology, and look forward to future
collaborations with Co-Diagnostics.”
Biosearch Technologies, the complete genomics portfolio from
LGC, operates from cGMP and ISO 13485:2016 certified production
facilities, and has been the sole manufacturer of Co-Diagnostics’
CoPrimers since 2013.
LGC is an international leader in the extended life sciences
sector, including human healthcare, agri-food & the
environment. LGC provides a comprehensive range of reference
materials, proficiency testing schemes, genomics reagents and
instrumentation, as well as research and measurement services. Its
scientific tools and solutions enable organisations to advance
research, develop new products and form an essential part of their
quality and compliance procedures.
www.lgcgroup.com
www.codiagnostics.com
Notes
Mark Dearden is available for interview. Biosearch Technologies’
logo and pictures available on request.
About LGC
LGC is an international leader in the extended life sciences
sector, including human healthcare, agri-food & the
environment. LGC provides a comprehensive range of reference
materials, proficiency testing schemes, genomics reagents and
instrumentation, as well as research and measurement services. Its
scientific tools and solutions enable organisations to advance
research, develop new products and form an essential part of their
quality and compliance procedures.
LGC’s 2,300 employees include internationally-recognized
scientists who are experts in their field. Headquartered in London,
it operates out of 19 countries worldwide and is extensively
accredited to quality standards such as GMP, GLP, ISO 13485, ISO
17034, ISO 17043, ISO/IEC 17025 and ISO 9001.
LGC has been home to the UK Government Chemist for more than 100
years and is the UK National Measurement Laboratory and Designated
Institute for chemical and bio measurement. LGC has been
privately-owned since 1996 and has diversified through internal
investment and acquisition to be an international leader in its
chosen niche markets. LGC is now owned by funds affiliated with
KKR.
For more information, please visit www.lgcgroup.com.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181030005377/en/
Media ContactLGCJulian QuigleyMedia Relations &
Social Media Manager+44 (0)20 8943
8491julian.quigley@lgcgroup.comorCompany
ContactCo-Diagnostics Investor RelationsAndrew
Benson801-438-1036orInvestor ContactLytham Partners, LLCJoe
Diaz, Robert Blum and Joe
Dorame602-889-9700investors@codiagnostics.com
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