Co-Diagnostics Announces Closing of Debt Financing
10 August 2018 - 12:30PM
Business Wire
Company to accelerate initiatives in
infectious disease, liquid biopsy and SNP multiplexing
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular
diagnostics company with a unique, proprietary platform for the
development of molecular diagnostic tests, announced today the
closing of a non-convertible debt instrument for $2M. The Company
will apply the incoming funds towards working capital, to expand
distribution of its infectious disease testing products, and to
immediately accelerate initiatives to develop multiplex screens for
liquid biopsy cancer screening, blood-bank screening, and SNP
detection with applications in several areas, including
agriculture.
Liquid biopsy refers to diagnostic tools that allow detection of
cancer using analysis of blood rather than tissue or tumor samples.
The Company’s qPCR assay development CoPrimer™ technology has
distinct properties that gives laboratories the ability to conduct
cost-effective research to identify the presence or absence of
critical genetic mutations and infectious pathogens, and
facilitates development of more accurate, economically-priced
products, ideal for laboratories conducting repeat liquid biopsy
cancer patient testing.
The CoPrimer technology has also been shown to offer other
notable advantages compared to current methodologies, including a
dramatic reduction in non-specific amplification errors leading to
false positive results, and improved multiplex test capabilities
for SNP detection, which allows for multiple targets to be
identified in a single reaction without costly and time-consuming
re-optimization of primers.
Dwight Egan, Chief Executive Officer of Co-Diagnostics,
remarked, “We are pleased to announce that this new financing gives
the Company the runway we need to advance our position in the
infectious disease diagnostics market, liquid biopsy for cancer
detection, and SNP detection for agricultural and other industries.
News of the Company’s recent progress has made a positive impact
and contributed to our ability to access the capital markets with a
non-convertible debt financing on favorable terms. Having our
current capital needs met also facilitates a clear pathway towards
increased sales in the near-term, as well as flexibility in
managing our balance sheet going forward through this anticipated
period of expansion.”
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/20180810005094/en/
Company Contact:Co-DiagnosticsAndrew BensonCo-Diagnostics
Investor
Relations801-438-1036investors@codiagnostics.comorInvestor
Contact:Lytham Partners, LLCJoe Diaz, Robert Blum and Joe
Dorame602-889-9700codx@lythampartners.com
Co Diagnostics (NASDAQ:CODX)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Co Diagnostics (NASDAQ:CODX)
Historical Stock Chart
Von Apr 2023 bis Apr 2024