Co-Diagnostics (NASDAQ:CODX) CEO Discusses Mosquito Control Test for Deadly EEE Virus
December 19 2019 - 7:00AM
The CEO of Co-Diagnostics, Inc.
(Nasdaq: CODX), a
biotech with a patented platform for the development of molecular
diagnostic tests that has been making a name for itself in the
vector control industry, sat down for an interview to discuss the
recent announcement that its test for eastern equine encephalitis
(EEE) has been launched in advance of the upcoming 2020 mosquito
season.
The interview also covered several of the
company’s other releases of late, including those related to
international expansion, growth in the agricultural space, and the
regulatory clearance received by their Indian manufacturing joint
venture. Watch it here: https://youtu.be/uQTxPsArVkk
According to last week’s release, the new EEE
test is similar to the company’s Vector Smart NAM-w test, which
looks for West Nile virus (WNV), St. Louis encephalitis, and
western equine encephalitis (WEE) in mosquito populations, but will
identify EEE instead of WEE. When the NAM-w product launched on
July 11, CODX became one of the hottest tickers of the day and
traded up 44% on substantial volume.
Co-Diagnostics’ news in October relating to the
launch of their Vector Smart ZDC multiplex test, for which sales
have already begun, encouraged H.C. Wainwright to reiterate their
Buy rating with a price target of $2.00. The majority of analysts
also remain bullish on CODX following the news about their Indian
JV for manufacturing receiving the “Indian FDA” approval for 5
diagnostic tests.
EEE is a rare neurological disease that kills a
high percentage of those infected, as is sadly borne out in this
year’s unexpected uptick in cases of EEE (36, compared to an
average of 7 or so, and 14 death), and leaves a high percentage of
survivors with “mild to severe brain damage” per the CDC. Cases in
2019 were reported all along the Eastern seaboard and as far west
as Michigan.
Although the 2019 mosquito season has concluded,
Co-Diagnostics’ current marketing push and launch of their EEE test
in advance of the 2020 season appears driven by market demand, and
the belief that testing mosquito populations directly is one of the
primary lines of defense against the spread of mosquito-borne
illnesses.
Few if any diagnostics companies have approached
the mosquito abatement market so directly. And unlike in vitro
diagnostics for humans, testing mosquito populations requires no
regulatory approval by the FDA. This makes for an enticing
combination of minimal competition, relatively straightforward
pathway to domestic revenue, and a business model that they have
quickly shown to be viable with sales of mosquito tests and
abatement equipment packages beginning earlier this year. If the
interest shown by analysts and followers of the stock is any
indication, the launch of their EEE test should portend great
things for this Utah-based medtech company.
Disclosure: Co-Diagnostics Inc is a client of BDA
International.
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