Co-Diagnostics Announces $5.5 Million Registered Direct Offering
January 31 2019 - 8:03AM
Business Wire
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, today announced that it has entered
into definitive agreements with institutional investors for the
purchase of 3,925,716 shares of its common stock, at a purchase
price per share of $1.40, in a registered direct offering. The
closing of the offering is expected to occur on or
about February 4, 2019, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
The gross proceeds to the Company, before deducting placement
agent fees and other offering expenses, are expected to be
approximately $5.5 million. Co-Diagnostics intends to use the net
proceeds from this offering for expansion of existing initiatives
in the infectious disease testing and agrigenomics verticals, to
further develop and commercialize applications of its technology in
the growing liquid biopsy and next-gen sequencing markets, to
expand its sales efforts, and for working capital and other general
corporate purposes.
The shares of common stock are being offered by Co-Diagnostics
pursuant to a "shelf" registration statement on Form S-3 that was
originally filed on August 14, 2018 and declared effective by the
Securities and Exchange Commission ("SEC") on September 7, 2018,
and the base prospectus contained therein (File No. 333-226835).
The offering of the shares of common stock will be made only by
means of a prospectus supplement that forms a part of the
registration statement.
A final prospectus supplement and accompanying base prospectus
relating to the shares of common stock being offered will be filed
with the SEC. Copies of the final prospectus supplement and
accompanying base prospectus may be obtained, when available, on
the SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY 10022, by phone at
646-975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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, (ix) benefits in research and
worldwide accessibility of the CoPrimer™ technology and its
cost-saving and scientific advantages and (x) statements regarding
the offering, the expected gross proceeds from the offering, the
intended use of proceeds and the timing of the closing of the
offering. 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/20190131005473/en/
Andrew BensonCo-Diagnostics Investor
Relations801-438-1036investors@codiagnostics.com
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