Co-Diagnostics, Inc. CEO Inaugurates Manufacturing Joint Venture Facility
April 16 2019 - 6:30AM
Business Wire
CoSara Diagnostics facility to be among the
first of its kind in India
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, announced today the inauguration of its
Indian joint venture facility for manufacturing in Ranoli,
India.
The manufacturing facility for CoSara Diagnostics Pvt Ltd
(CoSara) is one of the first facilities for manufacturing molecular
diagnostics in India and is intended to meet both current and
future requirements for medical device manufacturing, which are
expected to be implemented by the Indian government over the next
few years. The facility was also designed to be in compliance with
ISO 13485:2016, cGMP (Current Good Manufacturing Practices)
regulations, and audits for WHO qualification and CE-marking of
diagnostics products.
Mr. Dwight Egan, CEO of Co-Diagnostics Inc., and Mr. Mohal
Sarabhai, CEO of Synbiotics Pvt Ltd, inaugurated the facility on
April 8, 2019. The inauguration was attended by officers and
department heads of CoSara, Co-Diagnostics, and Synbiotics, as well
as suppliers, distributors, and other invited guests. Company
personnel also conducted additional trainings, and attended press
conferences and other receptions to help introduce CoSara to the
Indian market.
“We are honored to be a part of such an auspicious occasion with
such prestigious partners in this endeavor, and proud of the hard
work of all involved that has brought us to this point,” remarked
Mr. Egan. “We believe that the new facility, its high standards of
quality, and room for future expansion will accelerate our
infectious disease initiative as it addresses the need for
diagnostic solutions in one of the largest health care markets in
the world.”
Mr. Sarabhai commented, “CoSara brings cutting-edge molecular
technology to India through this joint venture. The opening of this
facility is truly well-timed and sets in well with the ‘make in
India’ initiative, as well as the almost imperative transition to
NAAT-based screening for blood banks and management of diseases.
This will be a breakthrough for highly accurate diagnostics which
lead to early detection and conclude with well-timed treatment
responses.”
CoSara has the exclusive manufacturing rights in India for the
complete menu of Co-Diagnostics infectious disease molecular
diagnostics kits, designed by Co-Diagnostics using their patented
CoPrimer™ technology platform. The initial market launch includes
in vitro diagnostic kits for the detection of mycobacterium
tuberculosis (TB), drug-resistant tuberculosis, malaria, hepatitis
B, hepatitis C, human papillomavirus, and HIV. Future tests include
expansion into the oncology and hemorrhagic fever markets and
several other hospital-acquired infectious organisms.
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/20190416005262/en/
Andrew BensonHead of Investor Relations+1
801-438-1036investors@codiagnostics.com
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