SALT LAKE CITY, July 22, 2021 /PRNewswire/ --
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, announced today that it has added to
its suite of intellectual property protection after being awarded a
patent from the Republic of Korea's Intellectual Property Office
for the Company's CoPrimer™ technology.
Developed in 2013, Co-Diagnostics' solely-owned CoPrimer
technology received its first patent from the United States Patent
Office in 2018, and underpins the Company's molecular diagnostic
test products that have been deployed in laboratories and hospitals
in over 50 countries and across the
United States. Among the numerous molecular diagnostic
products using CoPrimer technology to have received regulatory
clearance is the Logix Smart™ COVID-19 Test kit, of which the
Company has sold millions since the pandemic began and which the
Company had previously announced is effective in detecting all
known strains and variants of SARS-CoV-2, including the Delta
variant. The test was also recently utilized in several
international peer-reviewed papers
"We believe that this patent granted by South Korea provides additional validation of
the uniqueness and versatility of the CoPrimer platform," remarked
Dwight Egan, Chief Executive Officer
of Co-Diagnostics. "The vast majority of the millions of tests we
have sold in the last year and a half have been to repeat
customers, who continue to purchase the test because they have come
to depend on the quality and accuracy of this CoPrimer-based
assay.
"Our durable business model of selling tests to United States
CLIA labs and their international equivalents continues to drive
strong sales. The Company's COVID-19 test kit has been authorized
for use as an in vitro diagnostic (IVD) by regulatory
authorities in the United States,
the European Community, Mexico,
India, Australia, and others. Importantly, CoPrimer
technology is also used in the products manufactured and marketed
by CoSara Diagnostics, our Joint Venture in India. In addition to the Company's
development of its at-home and point-of-care Eikon platform for
infectious disease diagnostics, this technology also serves as the
foundation for Co-Diagnostics' other verticals, including our
growing mosquito abatement/vector control vertical, AgBio, liquid
biopsy technology, and next-gen sequencing applications, and we are
pleased that this new patent provides us with even more thorough
and robust protection for our most important intellectual
property."
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a
Utah corporation, is a molecular
diagnostics company that develops, manufactures, and markets a
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, (ix) benefits in research and
worldwide accessibility of the CoPrimer technology and its
cost-saving and scientific advantages, and (x) the impact
that known and unknown COVID-19 variants may have on us and
our products, our customers and suppliers, including
disruptions and inefficiencies in the supply
chain. 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.
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SOURCE Co-Diagnostics