Co-Diagnostics, Inc. Adds to Menu of Molecular Vector Control Products

Date : 10/10/2019 @ 11:30AM
Source : GlobeNewswire Inc.
Stock : Co Diagnostics Inc (CODX)
Quote : 8.4641  1.0041 (13.46%) @ 8:12PM
Co Diagnostics share price Chart

Co-Diagnostics, Inc. Adds to Menu of Molecular Vector Control Products

Co Diagnostics (NASDAQ:CODX)
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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™ ZDC test, used to identify the presence of Zika, dengue, and chikungunya in mosquito populations, in response to demand from domestic and foreign markets.

The Vector Smart ZDC multiplex test was created following requests from mosquito abatement districts and ministries of health throughout North America, Latin America and the Caribbean for a test that can accurately identify Zika, dengue and chikungunya, but which is tailored specifically for mosquito populations. Most polymerase chain reaction (PCR) assays used for mosquito testing were designed and validated for use on human samples. The Company’s Vector Smart line of PCR products are validated using extractions from mosquito samples rather than humans and include an extraction control specifically for mosquitoes, to reduce the possibility of a false negative result due to an improper extraction.

Dwight Egan, CEO of Co-Diagnostics, commented, “Our mosquito abatement vertical began generating revenue earlier this year and is expected to continue to grow in several markets. The Vector Smart ZDC test in particular was developed in response to interest from both domestic and international regions where it is in high demand.

“Testing mosquito populations is one of the primary lines of defense against the proliferation of mosquito-borne illnesses. Co-Diagnostics’ highly specific and sensitive CoPrimer™-based Vector Smart products help abatement activities to be more effective and provide a shield against diseases entering and spreading across non-endemic regions, including the US.”

The Company’s Logix Smart™ ZDC Test, which received CE-IVD approval earlier this year, served as a template for the initial design and development of the new Vector Smart product. Also in development is another multiplex product for North America that includes eastern equine encephalitis (EEE), a rare cause of brain infections that has been identified at a significantly higher occurrence than normal this year. EEE has a high mortality rate of roughly 30%, and a high percentage of survivors have ongoing neurological problems as well.

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.

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.

Company Contact:                                                                         Andrew Benson                   Head of Investor Relations                                                               +1 801-438-1036                                                                               investors@codiagnostics.com

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