SALT LAKE CITY–(BUSINESS WIRE)–Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, announced today it has entered into two
sales agreements for mosquito abatement laboratory equipment and
mosquito tests, and expects additional sales agreements before the end
of the quarter.
Co-Diagnostics CEO Dwight Egan remarked, “We are pleased to report
initial sales of our mosquito vector control equipment and reagents in
the United States, as forecast in the press release following our most
recent 10-Q filing. Mosquito abatement departments exist in cities and
counties across the country. We have expanded our marketing efforts to
focus on multiple regions of the US, including areas recently affected
by excessive flooding—which is often accompanied by an explosion in the
mosquito populations—and coastal areas, where mosquitoes act as vectors
for infectious disease.”
Sales of the mosquito abatement equipment packages and test reagents
follow the Company’s participation at a workshop in the Dominican
Republic last quarter to help launch Co-Diagnostics’ molecular testing
vector solutions and introduce them to that country. In March, the
Company also hosted its first on-site distributor conference, which was
well-attended by government, environmental testing, and private
laboratory customers. The vector control products in particular
generated substantial interest, with the recent and future sales
agreements in part resulting from that conference. Abatement districts
and other interested institutions can select from the Co-Diagnostics
growing menu of mosquito testing reagents. The Company also provides
affordable equipment for vector control laboratories new to molecular
diagnostics.
Mr. Egan continued, “The Company anticipates that substantial domestic
revenue will be derived by our mosquito abatement products. We are
confident that the recent sales agreements illustrate our gathering
momentum in several verticals, and we look forward to sharing further
announcements related to our product pipeline, sales progress, and
technological advancements.”
More information about the Company’s vector control solutions, pricing
for the laboratory equipment packages, and tests currently available or
in development (including a multiplex assay for West Nile virus, St.
Louis encephalitis, and western equine encephalitis) can be found on the
Company’s website at http://codiagnostics.com/products/vector-solutions/.
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.
Contacts
Andrew Benson
Head of Investor Relations
+1 801-438-1036
[email protected]
