Co-Diagnostics, Inc. Reports Continued Sales Momentum for Q3 2019
13 Noviembre 2019 - 5:30AM
Business Wire
Revenue includes sales of infectious
disease, mosquito abatement products and AgBio primer design
services
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular
diagnostics company with a unique, patented platform for the
development of molecular diagnostic tests, announced today the
filing of its operating results on SEC Form 10-Q for the 3 and 9
month periods ending September 30, 2019, a copy of which will be
available on the Company’s website.
Management Discussion
Dwight Egan, Chairman and CEO of Co-Diagnostics: “This quarter
saw continued sales of our vector control mosquito tests as we
expanded our reach into different markets across the US and further
developed that product pipeline, in addition to revenue being
generated by both our infectious disease vertical and genomic
design services for the AgBio industry. Significantly, the Company
also installed one of the largest private molecular diagnostics
laboratories in Ghana, maintains a strong financial position, and
remains debt-free.
“The Company’s joint venture in India continues to progress with
sales of primers and other testing components. Following the
inauguration of the manufacturing plant earlier this year,
submission to the CDSCO for the approval of several tests as in
vitro diagnostics has been completed, and the JV has been notified
that regulatory approval is imminent. Once approved, sales of IVD
tests for the Indian diagnostics market will commence. A robust
pipeline of distributors and labs are prepared to order tests
including tuberculosis, malaria, hepatitis B, hepatitis C and human
papillomavirus. The Company expects a significant increase during
the current quarter in infectious disease test sales, not only in
India, but in other areas of the globe.
“Co-Diagnostics has recently participated in numerous mosquito
abatement conferences including events in Texas, Florida, Ohio,
Nebraska, Idaho and Utah. Many more are planned in the coming
months. The Company is also anticipating the release of its NAM-e
triplex test, the only test of its kind capable of detecting the
virulent EEE (eastern equine encephalitis) supported by a mosquito
control. This test will add to the Company’s existing suite of
vector control products, which includes tests for West Nile,
western equine encephalitis, St. Louis encephalitis, Zika, dengue
and chikungunya viruses.
“The Company is also strongly encouraged by the progress of its
AgBio sector, particularly in conjunction with its previously
announced agreements with LGC, Biosearch Technologies (“LGC”), a
global leader in the design, development, and manufacture of
sophisticated, custom oligonucleotide-based tools and associated
reagents for applied markets. LGC is owned by funds affiliated with
KKR & Co and has a footprint that covers over 200 countries.
The Company recently participated with LGC at the AMP conference in
Baltimore, Maryland and expects the current quarter to reflect the
first revenues to the Company in connection with these
agreements.
“Company representatives presented research findings on rare
allele detection for liquid biopsy announced in Q3 at the 4th
Advances in Circulating Tumor Cells (ACTC) conference, held October
2-5, 2019 in Corfu, Greece. The CoPrimer real-time qPCR platform
has the ability to create highly specific multiplex assays, which
has been shown to greatly facilitate identifying an array of
different cancer mutations via an effective, cost-efficient
diagnostic tool. Product development continues to be driven by
market demand as the Company expands its product pipeline and
intellectual property.”
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191113005161/en/
Andrew Benson Head of Investor Relations +1 801-438-1036
investors@codiagnostics.com
Co Diagnostics (NASDAQ:CODX)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
Co Diagnostics (NASDAQ:CODX)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024