Co Diagnostics (NASDAQ:CODX)
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6 Months : From Sep 2019 to Mar 2020
Vector Smart™ NAM-e multiplex PCR test to provide proactive defense against mosquito populations carrying the deadly eastern equine encephalitis virus
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, announced today the launch of their Vector Smart™ NAM-e (North American Mosquito-East) multiplex test, which detects the eastern equine encephalitis (EEE) virus among mosquito populations, along with West Nile virus (WNV) and St. Louis encephalitis (SLE).
EEE is a mosquito-borne disease that kills roughly one-third of those infected and typically leaves survivors with “mild to severe brain damage” according to the CDC. 2019 brought an unexpected surge in cases of EEE in the US, more than 5 times the average, and the 36 confirmed cases across 8 states resulted in 14 deaths.
Mosquito populations are tested, monitored, and controlled by over 1,000 MADs (mosquito abatement districts, publicly funded departments at the city, county, and state level) in North America. The Company has been presenting its mosquito diagnostic products to MADs at vector control conferences across the country this year. Revenue from the Company’s mosquito abatement vertical began earlier in 2019, and is expected to significantly increase as demand grows for the NAM-e and other tests to help provide a first-line of defense against the spread of certain mosquito-borne illnesses.
Like the other tests in the Company’s Vector Smart line of PCR products, the NAM-e test was validated using extractions from mosquito samples rather than humans and includes an extraction control specifically for mosquitoes, to reduce the possibility of a false negative result due to an improper extraction. The Company’s NAM-e test is similar to its Vector Smart NAM-w multiplex assay for WNV, SLE and western equine encephalitis (WEE), but identifies EEE instead of WEE.
“Since the launch of our NAM-w test earlier this year, developing a diagnostic tool to identify EEE has been far and away the most frequent request from this industry,” remarked Dwight Egan, CEO of Co-Diagnostics. “We were pleased to be able to quickly leverage our propriety platform and design process, and to deliver such a high-quality diagnostic to meet this demand. Co-Diagnostics is an active participant in preventing the spread of so many dangerous diseases, particularly as our Vector Smart tests are some of the only products of their kind in this market.”
Follow this link to hear a discussion by Mr. Egan about the importance and impact of the Company’s new test and other recent Company events: https://youtu.be/uQTxPsArVkk
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191210005364/en/
Head of Investor Relations