Co-Diagnostics (NASDAQ:CODX) Prepares Coronavirus Test as World Health Organization Weighs Global Health Emergency
January 23 2020 - 3:05PM
Shares of Co-Diagnostics, Inc.
(Nasdaq:CODX), a
biotech company with a patented platform for the development of
molecular diagnostic tests, leaped 175+% in premarket trading today
after announcing it is readying its screening test for the deadly,
rapidly spreading new coronavirus.
As governments across the world take precautions to limit
exposure to the outbreak, especially China (who just announced the
quarantine of a FIVE large cities to try and contain the
coronavirus with more than 600 confirmed cases and at least 17
dead), Co-Diagnostics announced that it used its proprietary design
platform to quickly design a PCR testing kit that will help in
detecting the specific strain of virus in a patient.
One of the fundamental problems that health authorities have at
the moment is being able to properly diagnose and treat
people. There are a number of strains of coronavirus with
hard to distinguish genetic differences, and a test designed for
MERS and SARS – other coronaviruses, similar to the new strain,
2019n-CoV – would fail to accurately diagnose a patient with
2019nCoV.
Co-Diagnostics Ahead of its Competitors
In reality there are 6 types of coronavirus that can
affect humans. With it taking up to a week for symptoms to
start appearing, the world could potentially be on a brink of a
global outbreak, with the World Health Organization on the cusp of
calling it an global health emergency.
The best way to confront this threat is through accurate
diagnosis.
That’s why Dwight Egan, Co-Diagnostics CEO, said that the
company is working hard and has already completed initial design
work on an accurate diagnostic test to detect the new strain of
coronavirus, differentiating it from other similar
viruses.
The market certainly responded positively to the notion that
Co-Diagnostics could be on the vanguard to providing a solution to
a potential international emergency; after jumping over 175% in
pre-market trading, the stock price is currently trading up
comfortably over 70%, on 30 million shares—a noticeable jump from
the 116,000 average volume before releasing such momentous
news!
Disclosure: Co-Diagnostics Inc is a client of BDA
International.
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