Co Diagnostics (NASDAQ:CODX)
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6 Months : From Feb 2019 to Aug 2019
The long-awaited molecular diagnostics manufacturing facility for the Indian joint venture between Co-Diagnostics Inc. and Synbiotics Pvt Ltd has finally launched, according to news released last week.
BDA International client company Co-Diagnostics first announced the formation of the CoSara Diagnostics Pvt Ltd joint venture with Synbiotics in 2017. Since that time, shareholders have been eager for any news or updates concerning the completion of the facility that was described as one of the first of its kind in India, and is expected to provide molecular diagnostics across the country of India (nearly 18% of the world’s population, and expected to grow into the world’s largest single healthcare market in the next several years).
Co-Diagnostics, Inc. (CODX), a Nasdaq-listed Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology. The technology is utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA).
Synbiotics is an Indian pharmaceutical manufacturing company, whose management and operations teams have vast experience setting up state-of-the-art manufacturing MedTech manufacturing facilities, including compliance with all national and international regulatory requirements (WHO-GMP, US FDA, EU-GMP, etc). All commercial operations are undertaken by Asence Inc, a U.S. company that specializes in supplying pharmaceutical products to international markets. Both Synbiotics and Asence are subsidiaries of Ambalal Sarabhai Enterprises Ltd., or ASE, a continuation of one of the oldest and most respected manufacturing institutions in India in operation today. The Sarabhai family has run the company since its inception as textile mills in the 19th century, building an empire that in modern times has led to ASE being synonymous with trusted, quality pharmaceuticals.
The press announcement included that the CoSara facility is not only complete, but was also planned to allow for further expansion in the future. Stakeholders in CODX should be able to breathe a sigh of relief that Co-Diagnostics now has the operational capacity, logistical/compliance support, and valuable connections that will facilitate revenue growth in their infectious disease initiative and access to an important global healthcare market.
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