Co Diagnostics (NASDAQ:CODX)
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6 Months : From Apr 2019 to Oct 2019
Co-Diagnostics, Inc. Launches North American Mosquito Diagnostic Product
Salt Lake City, Utah – Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today the product launch of their Vector Smart™ NAM test, used to identify the presence of West Nile virus, St. Louis encephalitis, and western equine encephalitis in mosquito populations.
Diseases like West Nile virus are carried across the continent by migratory birds or other vectors, and are then transmitted to humans or livestock by mosquitoes. Mosquito abatement districts are publicly funded departments at the city, county, and state level responsible for controlling mosquito populations through pesticide and non-pesticide-based treatment methods. According to a recent report, the professional pest control industry in the United States reached nearly $9 bn in 2018, of which mosquito control services are typically the fastest growing segment.
Co-Diagnostics CEO Dwight Egan remarked, “Our CoPrimer™-based North American mosquito test is the first multiplex polymerase chain reaction (PCR) test of its kind, with a target market of over 1,000 mosquito abatement districts across the continent. High-quality PCR tests help these centers identify and focus their efforts on those areas where the infectious diseases are found, allowing them to be more efficient and effective in preventing the spread of disease.
“In addition to being the only multiplex test for these diseases available today, the test’s sensitivity is unmatched by any similar or single-plex products. Sales of the test began in Q2 2019, which we expect will continue to increase.”
More information about the Company’s vector control solutions, pricing for the laboratory equipment packages, and tests currently available or in development can be found on the Company’s website at http://codiagnostics.com/products/vector-solutions/.
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.
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.
Company Contact: Andrew Benson Head of Investor Relations +1 801-438-1036 email@example.com